South Korean Stocks Rebound as Steel Rally Offsets Chip Losses — TradingView News

South Korean shares rebounded on Friday as chip losses were offset by a steel rally after tariffs on Chinese imports.

The Korea Composite Stock Price Index, or Kospi, was up by 0.52 points, or 0.02%, to close at 2,654.58. The Kosdaq rose 6.38 points, or 0.83%, to 774.65.

Steelmakers led the rally after South Korea announced tariffs of up to 38% on Chinese steel plate imports. Posco Holdings 005490 surged 5%, while Hyundai Steel 004020 climbed 3.5%.

Meanwhile, economic data released by the Bank of Korea showed a mixed picture of business sentiment. The composite business sentiment index for all industries dipped 0.6 points to 85.3 in February, while the outlook for March improved by 2.6 points to 88. The manufacturing sector saw a slight improvement in sentiment, while the non-manufacturing sector experienced a decline.

In corporate news, Posco Holdings 005490 surged 5%, and Hyundai Steel 004020 rose 3.5% after the country moved to impose up to 38% tariffs on Chinese steel plate imports.

Japan's Toyota Motor 7203 agreed to transfer a $1.5 billion battery order to LG Energy Solution's 373220 Michigan plant after General Motors exited their joint venture.

Originally designed to produce batteries solely for General Motors, the Lansing facility is now set for full ownership by LG Energy Solution. Toyota had signed a deal in 2023 for 20 gigawatt-hours of batteries and will now source them from Lansing instead of another LG plant in Michigan.

Shares of LG Energy Solution rose nearly 1% at market close on Friday.