SHANGHAI, Apr. 9 (SMM) -- Sources from South Korean steel industry report that South Korea will severely curb the import of Chinese-made boron-bearing hot rolled coil (B-bearing HRC). POSCO, Hyundai Steel, Eastern Steel and other South Korean HRC manufacturers also said that Chinese-made B-bearing HRC exerts a negative impact on the South Korean market.
POSCO said it will take more stringent measures to curb the import of Chinese-made B-bearing HRC, while Hyundai Steel also said that Chinese-made B-bearing HRC has caused the crisis on the South Korean market. South Korean steel industry insiders have reached a consensus on the Chinese-made B-bearing HRC issue.
OHIl-hwan, Vice Chairman of the Korea Iron & Steel Association, said at the Sino-South Korea HRC Division Committee on March 23 that Chinese and South Korean industry minister talks on the 20th anniversary of the establishment of diplomatic relations between China and South Korea will be held in May, and if Chinese steel industry does not actively resolve this problem, Chinese-made B-bearing HRC will be listed as an important issue then. South Korean steel industry believes the Chinese government secretly allows the export of B-bearing HRC, which is equal to subsidies provided for exports, and South Korea has emphasized this issue on March 23.
According to incomplete statistics, 94% of 2.19 million mt of Chinese-made HRC imported by South Korea in 2011 contain boron, and there is high possibility of further expansion in the volume. Industry insiders said Chinese-made B-bearing HRC has a great effect on the market, and Korea Iron & Steel Association’s Steel Trade and Measures Committee is studying the anti-dumping and other options in order to solve the problem, and will take a variety of measures if Chinese steel mills do not reduce the export of B-bearing HRC.