According to the16th China and Korea Iron & Steel Association meeting on August 8, which includes more than 50 government officials and steel industry players from China and South Korea, the two sides have discussed the problem of the dramatic increase in steel imports to South Korea from China.
An official from South Korea said that Chinese steel, which enjoys a tax rebate, is being exported in increased volumes to South Korea. The South Koreans have expressed their concerns about the burden on their domestic mills resulting from this situation.
Obviously, China's steel exports have suffered from potential challenges because South Korea is one of China's biggest steel export destinations. In the first half of this year, China has exported approximately 5.16 million t of steel products to South Korea, accounting for 23% of the overall exports. Thereby, if South Korea takes some measures to counter the steel imports from China, it will generate substantial impacts on China's steel industry.