Hyundai Steel announced on the 30th that it will not operate its Incheon rebar plant for 42 days from the 21st to the 31st of next month for summer factory maintenance. Typically, major maintenance schedules take about two weeks, but this time the production stoppage period has been extended due to worsening rebar market conditions. The maintenance work, which involves replacing consumables, is conducted 2 to 3 times a year.
Hyundai Steel has been adjusting its rebar production since late last year and completely suspended production for a month in April for the first time since its establishment. Dongkuk Steel Mill also stopped rebar production for the month of July, and on the 19th, it announced that it would extend the suspension of shipments of already produced products until the end of the month.
According to the Korea Iron & Steel Association, the average monthly inventory of rebar that has not been sold after production was 586,000 tons (t) last year. This has been a steady trend, increasing from 457,000 tons in 2022 to 527,000 tons in 2023.
Hyundai Steel's Incheon plant can produce 1.5 million tons of rebar annually. The shape steel plant, capable of producing 2 million tons annually, will continue to operate.