According to data released by the Korea Iron and Steel Association, Korea’s production of ship plates and commodity grade plates produced by the three major steelmakers POSCO, Dongkuk Steel Mill and Hyundai Steel totaled 1.47 million tonne in February, slumping by 23% YoY.

In the first two months of this year, Korea’s production of ship plates totaled 1.47 million tonne, falling by 19% YoY, caused by weak demand from the country’s shipbuilders.

Besides, fewer working days due to Lunar New Year holiday in February also led the country’s ship plate output lower.