South Korean steel inventories slightly increase this week
The combined inventories of South Korea's eight major steel mills increased slightly this week to about 1.01 million tons, a week-on-week increase of 0.4%. Among them, steel mills in the central region held 536,000 tons of stock, down by 0.3% from the previous week. However, inventories at steel mills in the southern region increased by 1.2% week on week to 477,000 tons. As for the capacity of each mill, Dongkuk Steel reduced production by 0.7%, and Hwan Steel enlarged its production reduction by 1.7%.
In terms of market outlook, market participants believe that prices have bottomed out, coupled with reduced stock, there is a chance that prices will rebound in the future.
