Steel demand volume South Korea 2011-2020

In 2020, the demand for steel in South Korea was approximately 77.9 million metric tons. This was a decrease from the previous year for the third consecutive year. It was also the lowest recorded volume of steel demand in the country from the past decade.

How much steel is exported from South Korea?

South Korea’s exports of steel were higher than the amount of steel imported to the nation by a fair margin. Steel produced in South Korea was exported to various countries, with China being the major market for South Korean steel products. China was also a leading country of origin for steel imports to South Korea, with Japan being the only country that South Korea imported more steel from.

Where is steel used the most?

Steel produced from steel mills were mainly used for activities related to building and infrastructure. This was reflected in the amount of construction permits issued for steel reinforced buildings in South Korea, which were the majority of all issued construction permits in the country. Steel is also an important component for other industries such as the shipbuilding industry in South Korea.