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Monday, December 11, 2017

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Canada decided to impose anti-dumping duties of 4.1% to 88.1% on carbon and alloy steel pipes imported from South Korea.

Anti-dumping Duty From Canada

11 December 2017 - 10:15am
Jung Min-hee

The Canada Border Services Agency (CBSA) decided to impose anti-dumping duties of 4.1% to 88.1% on carbon and alloy steel pipes imported from South Korea, according to the industry source on December 10. The tariffs are effective until 2022 and the rates can be adjusted once a year during the period. The implementation of the tariffs is initiated on January 4, 2018.

Specifically, Husteel’s products are subject to a tariff of 4.1%. It is 47.8% for those of Hyundai Steel, 27.5% for those of Seah Steel, and 12.9% for those of Nexteel.

Carbon and alloy steel pipes are mostly used...

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South Korea needs to focus on the attraction of highly-educated foreign workers into high-value added and professional sectors.

Increasing Number of Foreign Workers

11 December 2017 - 10:15am
Jung Suk-yee

According to the Bank of Korea on December 10, foreign workers are entering the South Korean labor market at a particularly high rate these days although the absolute ratio of foreign workers in the market is still relatively low in comparison to those of many other countries. 

In 2015, the size of foreign worker inflow into the South Korean market more than doubled that of 2000. During the same period, the size showed little change in Japan and the United States and the rate of increase of the British labor market was lower than that of the South Korean market.

More and more...

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KDB chairman Lee Dong-geol plans to visit China this week and sign a memorandum of understanding (MOU) for the currency swap contract with the ICBC.

Currency Swap for SMEs

11 December 2017 - 9:45am
Yoon Yung Sil

The Korea Development Bank (KDB) will sign a US$200 million (219 billion won) currency swap agreement with the Industrial and Commercial Bank of China (ICBC), the world’s largest commercial bank in terms of capital.

According to the KDB on December 10, chairman Lee Dong-geol plans to visit China this week and sign a memorandum of understanding (MOU) for the currency swap contract with the ICBC. The two banks are in talks to make it worth US$200 million (219 billion won) but nothing is confirmed yet. This will be the first currency swap agreement signed between a state policy bank...

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The Canal Istanbul project does not have transparent feasibility and has social risks for Korean builders.

Canal Istanbul Construction

11 December 2017 - 9:30am
Michael Herh

A sign of the crystallization of the Canal Istanbul construction project expected to amount to about 18 trillion won is attracting more attention from Korean builders.

According to the Haberturk Newspaper, Turkey's Ministry of Transport and Maritime and Telecommunications recently notified the Ministry of Environment and Urban Development of the expected route of the Istanbul canal. According to some contents of the project obtained by Turkish media outlets, the project is to build a canal with a total length of 45 km and a width of 400 m between the Maramara Sea off Istanbul and...

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Chinese investors have strategized to solidify their positions in the global Industry 4.0 by directly investing in Korea's future industries including bio startups.

Revival of Chinese Investment

8 December 2017 - 10:45am
Michael Herh

Some analysis says that Korea’s future visions for the 4th industry attract to Korea. Chinese investors have strategized to solidify their positions in the global 4.0 Industry by directly investing in Korea's future industries such as the bio, cultural contents, and information technology (IT) industries.

According to the Chinese and Korean financial investment industries on December 7, it was unlisted Korean bio companies that KKR, a global private equity firm, and affiliates of China’s CITIC Securities want to invest in most. This investment meeting aims at investing up to 50...

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$480 Million Deal

8 December 2017 - 10:30am
Jung Min-hee

Daewoo Shipbuilding & Marine Engineering (DSME) announced on December 7 that it signed a new contract with Maran Gas Maritime, a unit of Greek owner Angelicoussis Shipping Group, to build one liquefied natural gas floating storage regasification unit (LNG- FSRU) and one LNG carrier.

Earlier, the South Korean shipbuilder won a contract for a new very large crude carrier (VLCC) from Aeolos in Greece on December 4, too. The total value of the contracts is approximately US$480 million.

Each of the LNG-FSRU, LNG carrier and the VLCC is slated to incorporate DSME’s high-...

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In Less Than 11 Years

8 December 2017 - 10:30am
Jung Min-hee

POSCO announced on December 7 that it produced 20 million tons of molten metal by using the FINEX technology.

Developed and commercialized by the company itself, the FINEX technology is characterized by skipping preliminary raw material handling processes and employing iron ore powder and bituminous coal, which are relatively cheap, and thus investments and production costs can be significantly reduced compared to those of general blast furnaces of the same size. In addition, the technology reduces SOx and NOx emissions by 60% and 85%, respectively.

The South Korean...

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Poster of Korea Christmas Fair 2017. (photo courtesy: KINTEX)

Christmas Fair

8 December 2017 - 10:30am
Lee Song-hoon

The Korea International Exhibition Center (KINTEX) announced that the fourth annual Korea Christmas Fair takes place on December 8 to 10 and December 15 to 17 as the largest Christmas open market in Asia and this year’s last open market event in South Korea.

Co-hosted by the KINTEX and Exporum, the fair comes with a variety of products, ranging from Christmas goods and gifts to Christmas foods, furniture, home decor items, jewelry, toys, and travel and festival tickets. Chevrolet offers the Malibu as a free gift, too.

K-Baby Kids Fair 2017 and Mungchi Market 2017 take place...

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Taiwan-Japan Alliance Against Korea?

8 December 2017 - 10:15am
Cho Jin-young

Reuters reported on December 7 that Sharp proposed the formation of an alliance of Japanese OLED companies against Samsung and LG.

That day, Sharp President Tai Jeng-wu met with reporters at the Tokyo Stock Exchange and said that Japanese companies need to join forces in the OLED panel industry. According to Reuters, the president also asked the Japanese government to help his company form the alliance.

At present, Sharp and Japan Display are planning to initiate the production of OLED panels in 2018 or 2019. Meanwhile, Samsung Display is already supplying OLED panels to...

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The bitcoin price in South Korea stood at US$17,065 (18.67 million won) on December 7, which was 3.57 million won (US$3,262), or 23.6 percent, higher than US$13,799 (15.1 million won) in the US.

Abnormally Heated

8 December 2017 - 9:45am
Yoon Yung Sil

In the South Korean cryptocurrency exchange market, bitcoin is being traded with over 3 million won (US$2,741). Accordingly, market experts express concerns that this is an abnormal overheating phenomenon, with institutional investors, casual traders, and individual investors rushing to invest in bitcoin and the cryptocurrency market, and it has reached dangerous levels.

According to cryptocurrency market data provider CoinMarketCap on December 7, the bitcoin price stood at US$17,065 (18.67 million won) at South Korea’s digital currency exchange Bithumb at 2:30 pm on the same day....

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