The China Iron and Steel Association (CISA) has noted that, as reported by local media in South Korea, domestic steel giant Hyundai Steel has submitted an antidumping complaint to the Trade Commission of the Ministry of Trade, Industry and Energy in South Korea, stating that low-priced hot rolled steel coil from China and Japan exerted a significant damage on its business, and thereby it has requested an antidumping investigation to be launched on HRC originating from China and Japan. Currently, the application for this antidumping investigation is being reviewed by the Trade Commission and is expected to be formally filed in early March.
According to the statistics from South Korea, the country imported 14.98 million mt of HRC (MTI 6132 category) during the period from January 2021 to January 2025. In particular, 7.53 million mt of HRC was imported from Japan, while 6.49 million mt was imported from China, with the two countries accounting for more than 90 percent of the total imported HRC.
However, South Korea’s steel exports continued to be slack, while its local media tried to blame China for the shrinking global demand for steel and its lack of competitiveness in HRC sales.
Previously, China's Foreign Ministry spokesman Lin Jian said that China's steel industry mainly met domestic demand, without any subsidy policy to stimulate exports. China’s proportion of steel exports has long been at about five percent, far lower than Japan, South Korea and other steel-producing countries, and the impact on the international market is very limited, he stated.
The spokesman also noted that, although China’s steel capacity and production outputs accounted for half of the world’s total volume, its steel consumption has also been close to half of the world’s total volume. Meanwhile, he said, overcapacity is a common challenge in the global market, which is mainly caused by a weak recovery in global economic development and shrinking demand for steel, especially in developed countries.
CISA urged all parties involved to look at the global overcapacity issue objectively, historically and fairly, and take joint measures to deal with it.
