Korea's HRC output rises 16% in March

SEOUL (Scrap Monster): The latest data released by the Korea Iron and Steel Association (KOSA) suggests 16% increase in the country’s hot rolled coils (HRC) output during the month of March month-on-month.

According to KOSA data, the Korean HRC production totaled 3.14 million tons in March this year. The March ’14 production is 16% higher when compared with the production during the previous month. Also, the March output is higher by 14% when compared with the output during March a year ago.

The cumulative HRC output by the country during the initial three months of the year totaled 8.76 million tons, 10% higher over the previous year. The country’s HRC output had totaled 7.96 million tons during March ’13.

According to industry analysts, the exports from POSCO- the country’s largest steel maker are unlikely to rise any further.Reports suggest that the company has already begun scheduled maintenance works at its No 2 hot stripped mill in Pohang works. The output disruptions at the mill are feared to cut the HRC production by at least 200,000 tons.

Meanwhile, Hyundai Steel- another major integrated steel mill in the country has stated that the recent expansion works at its plant are unlikely to boost HRC exports from the country as much of the production will go as supply into its sister concern Hyundai Hysco.