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EAEU to implement one-year trade restriction on South Korean hot-rolled steel

18 Jun 2019 14:40 reported by Lemon

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The Ministry of Trade, Industry and Energy (MOTIE) of South Korea said that the Eurasian Economic Union (EAEU) had decided to exclude coated and cold-rolled steel from the safeguard measures to provide Hyundai Motor Manufacturing Rus in Russia with a steady supply of steel plates.

According to the EAEU, only hot-rolled steel will face a one-year trade restriction among the three major steel products, including hot-rolled steel, cold-rolled steel and coated steel.

South Korea stressed that cars and gas pipes which couldn't meet regional production needs should be exempted from safeguards.

In 2018, South Korea exported around 210,000 tons of the three types of steel products to the EAEU countries, with worth about US$198 million. Among them, coated steel and hot-rolled steel accounted for 52% and 45.7% of the total exports respectively.

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