More than 50 people including government officials and steel industry players from both China and South Korea took part in the 16th China and Korea Iron & Steel Association meeting on August 8, as announced by South Korean government officials. At the meeting, the two sides discussed the problem of the dramatic increase in steel imports to South Korea from China.
The South Korean side said that Chinese steel, which enjoys a tax rebate, is being exported in increased volumes to South Korea. The South Koreans expressed their concerns about the burden on their domestic mills resulting from this situation.
The Chinese side said that the tax rebate policy has been misused in some circumstances, while they also said that they understood the South Koreans' concerns regarding the issue in question.
The two parties also discussed plans to maintain fair trade by taking the export markets of each country into consideration.