Arab Today, arab today south korean steelmakers struggle with cheap chinese imports
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

South Korean steelmakers struggle with cheap Chinese imports

Arab Today, arab today

Arab Today, arab today South Korean steelmakers struggle with cheap Chinese imports

POSCO, South Korea's no.1 steelmaker
Seoul - QNA

South Korean steelmakers are struggling with a flood of cheap Chinese imports and import barriers set by a number of industrialized countries to protect their local industries, market watchers said Thursday.
According to data provided by the Korea Iron and Steel Association and Korea Trade-Investment Promotion Agency (KOTRA), South Korea imported 11.21 million tons of steel products in the first half, up 15.5% from a year earlier.
Of the total, steel from China reached 6.55 million tons, a surge of 31% on-year. This accounts for 58.4% of all steel imports in the cited period, up from 51.5% tallied in the first six months of 2013, according to South Korea's (Yonhap) News Agency.
The steel association said demand for Chinese steel comes from the fact that it is much cheaper than those made in the country. Chinese steelmakers sell 1 ton of steel products at US$738, down from $789 last year.
In particular, import of H-beams -- used in construction of tall buildings, bridges and roads -- jumped 27.4% on-year to 410,000 tons.
Chinese H-beams are traded at 590,000 won ($574) per ton, 160,000 won cheaper than those made in the country, and there has been persistent speculation that Chinese steelmakers are unfairly undercutting prices.
Hyundai Steel and Dongkuk Steel Mill Co. recently petitioned with the Korea Trade Commission to investigate Chinese-made steel imports.
Daehan Steel Co. and Hyundai Steel have also asked for criminal investigation on allegations that Chinese steel imports are being disguised as locally made products.
Beside the onslaught of cheap imports, local steelmakers are concerned because industrialized countries such as the United States are taking steps to erect barriers to keep out steel imports.
In the first half, exports of steel products to the US soared 55.9% on-year to 2.61 tons. This is worth $2.37 billion, a 44.3% increase in value.
"The increase was helped by the rise in demand for steel products used in oil drilling and shale gas development," KOTRA said.
The state-run agency and steelmakers said such increase in exports may have triggered the recent move by the US Commerce Department to slap punitive duties ranging from 9.89% to 15.75% on South Korean steel pipes. The pipes are using in drilling for oil.
Earlier in the year, the US International Trade Commission preliminarily determined that steel nails made in South Korea and some other countries have been subsidized.
In addition to the United States, Canada is in the process of investigating "unfair" price cutting for iron bars used to reinforce concrete.
"With moves by countries to engage in protectionism, local steel mills have no choice but to make more value-added products and make inroads into new markets," an executive at a local steelmaker said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korean steelmakers struggle with cheap chinese imports Arab Today, arab today south korean steelmakers struggle with cheap chinese imports

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korean steelmakers struggle with cheap chinese imports Arab Today, arab today south korean steelmakers struggle with cheap chinese imports

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday