South Korean stainless steel sales in off-season
According to South Korean stainless steel distribution industry data, due to the shrinking sales of its domestic stainless steel market, the sales burden in August increased due to weak sales during the off-season, August summer holidays and heat waves.
Compared with the July price, the price of stainless steel wire rod fell, mainly due to the poor competition caused by insufficient demand. The wholesalers also realized that the strategy of achieving sales targets through sales discounts has begun to shake the domestic stainless steel distribution market price.
In addition to competition among suppliers, the large wire rod centers sold their products to secondary and tertiary distributors with slow price, resulting in more obvious price competition.
As the price cuts began to increase in the second quarter, prices stopped rising. Some market participants said that the number of follow-up promotion companies increased at the end of the month and led to price declines. At the same time, retailers also faced the crisis in August due to summer holidays and off-season factors.
