[South Korea Targets 510,000 MT of New Domestic Steel Demand Following EU Import Curbs]

Published: Jul 2, 2026 11:45

Save

In response to the EU's new safeguard system implemented on July 1, which slashed the bloc's overall tariff-free steel import quota by 46% to 18.35 million metric tons (mt), South Korea is launching initiatives to boost domestic consumption. With its country-specific EU quota reduced by 19.7% to 2.07 million mt, the South Korean government aims to create over 510,000 mt of new domestic steel demand by strengthening supply chain cooperation with local shipbuilding, defense, and renewable energy sectors. This strategic pivot illustrates South Korea's proactive approach to absorbing displaced export volumes and insulating its industry from rising global protectionism.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

50 mins ago

Negotiated Procurement Tender for Ferrotitanium and Other Projects

50 mins ago

2 hours ago

[Fortescue Surpasses 200 Million MT Annual Iron Ore Shipments for the First Time]

Australian iron ore producer Fortescue Metals Group has shipped 200 million metric tons (mt) of iron ore in a single year for the first time, pushing its cumulative exports past 2.5 billion mt since its first cargo in May 2008. Currently, the company loads over 1,000 bulk carriers annually through its three ship loaders at Port Hedland. This milestone highlights the robust integration and efficiency of Fortescue's mining, rail, and port operations, ensuring a strong and consistent supply of Pilbara iron ore to the global market despite fluctuating macro demand.

2 hours ago

[ArcelorMittal Urges EU to Extend CBAM and TRQs to Downstream Steel Products by 2027]

ArcelorMittal has called on the European Union to extend the Carbon Border Adjustment Mechanism (CBAM) starting in January 2026 and the revised Tariff Rate Quota (TRQ) system starting in July 2026 to cover downstream steel products by 2027. The company warned that nearly two-thirds of non-grain oriented electrical steels (NGOES) used for new electric motors and generators in Europe are imported from outside the EU. Failing to protect this downstream value chain undermines the EU's climate policies and risks devastating Europe's strategic manufacturing autonomy amidst subsidized global overcapacity.

2 hours ago