As a major exporting powerhouse in the shipbuilding and automotive industries, Korea has the highest finished steel demand per capita in the world at around 1,030kg in 2023. This places Korea as the 4th highest steel demanding country, consuming 55Mt in 2023, up 6.6% on year.
Korea’s
steel demand has remained stable since 2010 averaging at 54Mt between 2010-2023—peaking
at 57Mt in 2016 and falling to lows of 49Mt in 2020.
Korea’s
steel demand share is underpinned by construction (50%) and its substantial
automotive (16%) and shipbuilding industries (15%). AME’s finished steel demand
forecast for Korea in 2024 and 2025 is 55Mt and 55.5Mt, an increase of 0.5% and
1%, respectively, year on year. While the country’s construction industry has
slowed, steel exports are expected to be maintained with a global recovery of
steel demand.
Korea is
key steel exporter ranking 3rd in the world with exports amounting
to 27Mt of steel products in 2023, up 6% on year. Steel
consumption by product consists of about 51% flat products, 39% long products,
and 6% pipes.