The companies announced on August 4 that they submitted their petition to the Trade Commission under the Ministry of Trade, Industry and Energy.
Special steel bars are distinguished from general steel products by their high strength, lightweight properties, and superior machinability. These bars are critical in the production of key components used in strategic industries such as automotive, aerospace, defense, and energy. Tailored to the unique technical needs of each sector, these products require advanced, high-precision manufacturing processes.
Officials from SeAH Besteel Holdings stated that uncontrolled inflows of Chinese products at low prices have disrupted market balance and compromised quality standards. “Our domestic special steel bar industry is under serious threat due to the growing dominance of Chinese products. This has significantly weakened our industrial competitiveness. We filed for anti-dumping measures to protect our material sovereignty,” a company representative stated.
According to trade data, imports of Chinese special steel bars rose from 450,000 tonnes in 2022 to 670,000 tonnes in 2023, marking a nearly 50% year-on-year increase. Last year, China accounted for 92% of South Korea’s total 750,000 tonnes of special steel bar imports. Despite the surge in volume, the average import price per tonne dropped by 24% over the past two years.
The impact of these imports has also affected the financial health of local producers. SeAH Changwon Special Steel’s operating profit fell sharply from KRW 125.7 billion in 2022 to just KRW 11.4 billion in 2023, a decline of 91%.
SeAH Besteel officials further warned about China’s aggressive global export strategy, noting that countries like the U.S. have already imposed strict anti-dumping measures on Chinese special steel bars. “As a result, the inflow of these products into the Korean market is expected to increase even further,” the company noted.
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