Japan reduces exports of marine steel plates to South Korea

Japan's exports of medium and heavy plate to South Korea in January were 26600 tons, down 32.0% from last month and 41.6% from the same month last year. Japan's exports of marine steel plates to South Korea are expected to fall further in the next quarter (April - June). This is mainly because Japanese steel mills no longer need to supply steel plates to South Korea at low prices.

In the past, Japanese steel mills needed to export a certain amount of products to Korean shipyards at low prices to maintain the operation of blast furnaces, and the prices exported to Korea were even lower than the Asian standard prices. In the past few years, Japan has been supplying its steel plates at very low prices due to the sluggish shipbuilding industry in South Korea. As South Korea's shipbuilding industry continues to bid at low prices, China no longer supplies steel plates for shipbuilding to South Korea, while South Korea relies more on Japanese supply.

According to reports, the current bid of South Korea's shipbuilding industry is even lower than the price of the marine steel plates to be shipped next quarter. If South Korea's bid remains low, it will lose Japanese supply.

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