Posted on 29 Dec 2023
Overall apparent steel consumption in the nine countries declined moderately, at 5.9% y-o-y to below 200 million tonnes, or a decline of 13 million tonnes in 2022.
Japan’s overall steel demand dropped 7.3% y-o-y to 55 million tonnes in 2022. Production declined 6 million tonnes to 78.7 million tonnes. Production of hot rolled coil declined more than 4 million tonnes. Import stagnated with 0.4% decline to 4.7 million tonnes in the same period while export dropped 5% y-o-y to 28 million tonnes. This was because of significant declines (double digit growth rate) in export of many products, especially flat steel.
South Korea’s steel demand dropped around 5 million tonnes to 50.5 million tonnes in 2022. Production dropped 9% y-o-y to 62.8 million tonnes in the same year. Production of hot rolled coil declined significantly by 3 million tonnes to 32.9 million tonnes. Finished steel import shrank 2.7% y-o-y to 11.5 million tonnes while export declined 6.3% y-o-y to 23.9 million tonnes in the same period. This was because of the decline in export of many flat and long steel.
Taiwan’s steel demand decreased by a double-digit growth rate of 15% y-o-y. Production dropped 9.3% y-o-y to below 26 million tonnes in 2022, from 28.6 million tonnes in 2021. Import declined by 1.5 million tonnes or 31% y-o-y to 3.3 million tons in 2022, mostly was the significant decline in hot rolled products and cold rolled products. Export dropped 6.3% y-o-y to 23.9 million tonnes in the same period, mostly was the significant decline cold rolled products and coated steel products.
Apparent Steel Consumption (tonnes)
See more details in 2023 SEAISI Statistical Yearbook
Source:SEAISI
