Analyst Pin-board Steel industry update: Can coated steel exports remain positive until next year?
- Coated steel export volume emerged to net off the weak domestic consumption in July as expected. Leading coated steel companies, such as HSG, NKG, recorded strong export volume.
- We believe coated steel export volume to Europe will be robust until 2022 owing to favorable trade policies and increasing demand. Besides, competitive production costs can support the profitability in the mid-term. Challenges can come in 2023 as the EU plans to introduce carbon border mechanicsm.
- Construction steel and steel pipes consumption remained weak due to the pandemic. We expect sales volume will still stable at low level in August, similar to in July. Gross margins in the construction steel segment will decrease in 3Q.
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