South Korea Imposes Tariffs on Chinese Steel to Protect Domestic Industry - News and Statistics - IndexBox

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South Korea is moving to impose substantial tariffs on Chinese steel imports to counter a surge in lower-priced products that is impacting domestic steelmakers. According to Bloomberg, the South Korean government aims to levy provisional tariffs of up to 38.02% on hot-rolled steel plates from China, following a preliminary investigation by the trade ministry. This initiative mirrors recent actions by the previous Trump administration in the United States.

The proposed tariff measures include nearly a 28% duty on imports from Baoshan Iron & Steel Co. and approximately 38% on other suppliers, including Hunan Valin Xiangtang Iron and Steel Co. These tariffs will be enforced pending approval from the South Korean finance ministry. South Korea's Hyundai Steel Co. and other companies have reported financial strains due to a surge of inexpensive steel imports from China and Japan, with Hyundai even lodging a formal complaint to the government.

China's steel industry is currently grappling with excess production, exacerbated by a slowdown in property demand. Despite reduced domestic needs, China's steel exports soared to a nine-year peak last year. According to IndexBox, China exported flat hot-rolled steel coils worth $14.2 billion in 2024, up from $11.9 billion in 2023. Of those exports in 2023, South Korea alone imported approximately $957.9 million worth, highlighting the substantial trade flow between the two nations.

On the global front, China's top export markets for these steel products included Vietnam, Turkey, and Saudi Arabia in 2023. Meanwhile, imports of flat hot-rolled steel coils into China decreased, standing at $661.2 million in 2024 compared to $818 million the previous year, with Japan and South Korea being leading import sources.

The ongoing international demand and China's expansive production cycle underline the critical balancing act that trade policies must address to maintain fair competition in the global steel market.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for flat hot-rolled steel coils in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

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