Korea’s Hyundai Steel has filed an anti-dumping petition against Chinese thick steel plate manufacturers, alleging damage from lower-priced Chinese exports, industry sources said. The company recently submitted a complaint to the Ministry of Trade, Industry, and Energy, which is expected to review the case for about two months before deciding whether to launch a formal investigation.
Data from the Korea International Trade Association shows that Chinese steel exports increased by 15.1pct YoY from January to April 2024, while export prices dropped by 19.4pct during the same period. According to the Korea Iron & Steel Association, imports of Chinese steel products rose by 29.2pct to 8.73 mln tons last year.
Chinese thick plates are reportedly selling for around KRW 700,000 (USD 506) per ton in the domestic market, at least KRW 100,000 (USD 72) cheaper than Korean-made products. Hyundai Steel, one of Korea’s three major steel producers alongside Posco and Dongkuk Steel, generates about 15pct of its total revenue from plate sales.
1 USD / 1,383.95 KRW
