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Home Steel News South Korea's steel industry struggles amid China's aggressive export strategy
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South Korea's steel industry struggles amid China's aggressive export strategy

5 Jul 2024 14:42 reported by Stanley Wang

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South Korea's steel industry is facing significant challenges as China's aggressive steel export strategy disrupts global markets. From March to December 2021, South Korea's steel exports to China consistently exceeded US$400 million per month. However, this trend has reversed dramatically, with exports dropping to the US$200 million range per month this year.

South Korean Ministry of Trade, Industry and Energy reported that steel product exports have been declining since the second half of 2022. This decline includes a 21.2% year-on-year drop in September 2022. Over the subsequent 22 months until June this year, steel product exports recorded negative growth in all but three months: June (+3.1%) and September (+7.3%) of last year, and January (+2.0%) of this year.

China's aggressive steel exports, driven by a real estate slump and sluggish domestic demand, have caused turmoil in global markets, severely impacting South Korea's domestic steel industry. The trade deficit in the steel sector with China nearly tripled from US$268 million in September 2022 to US$751 million by May this year, as steel imports from China surged. With China's excess production expected to continue, the situation is likely to worsen in the second half of the year.

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