South Korea's POSCO's No.2 stainless steel production line and No.2 hot rolling plant (carbon steel) in Pohang, North Gyeongsang Province, had a fire accident, limiting their production. It will probably benefit the export of China's stainless steel coils to South Korea.

The cause of the fire at the POSCO Pohang plant and the damage are still under investigation.

South Korea imposed anti-dumping duties on China's stainless steel coils in 2021. Influenced by that, the export of China's stainless steel to South Korea has sharply reduced.

In the first seven months of 2022, China exported approximately 206,000 tons of stainless steel to South Korea, dropping by 39.15% from 130,000 tons in the same period a year ago.