Experts say that China will continue to curb steel production again this year as it did last year. Accordingly, attention is focusing on whether Korean steel makers’ price negotiation power will increase as the amount of low-priced Chinese steel products will be reduced.According to foreign media ou
Hyundai Steel has decided to shut down its cold rolling mills at Dangjin Steel Works in South Chungcheong Province for two weeks. The labor union’s guerrilla-style strike has disrupted the supply of hot-rolled steel sheets required to produce cold-rolled steel sheets.Hyundai Steel will shut down its
South Korean enterprises are expanding cooperation with Southeast Asia with the United States increasingly internalizing supply chains in various industries.In Indonesia, POSCO Group is working with multiple local enterprises in the sectors including steel, construction and EV battery material devel
About 10 Hyundai Steel union members have occupied the president’s office at Dangjin Steel Works since May 2 and have been protesting, calling for payment of special incentives. As a result, Hyundai Steel president Ahn Dong-il has been unable to work at the company’s main production facility for mor
The Korea International Trade Association announced on March 14 that 1,798 export items of China showed the highest market share in the world in 2020 and the numbers of Germany, the United States, Italy, Japan and India are 668, 479, 201, 154 and 148, respectively.South Korea came in 10th for two ye
South Korean enterprises are being increasingly affected by the war in Ukraine, as the geopolitical risk and sanctions against Russia are leading to soaring raw material prices.The price of nickel per ton surged 44.28 percent to US$42,995 on March 8, when the price of aluminum per ton amounted to US
Hyundai Steel is set to enter the ultra-high strength cold-rolled steel sheet market for vehicles, which has been monopolized by European and American steelmakers.The company has recently completed the development of a 1.5-gigapascal martensite (GPa MS) steel plate. Gigapascal is a unit that measure
The European Commission decided to extend its steel safeguard as it is until June 30, 2024. Specifically, quotas on 26 types of products will remain effective, along with a 25 percent tariff on those exceeding the quotas. The commission will add 3 percent a year to each of the quotas while conductin
The European Union is likely to extend its safeguard on steel products by one year and the safeguard is likely to continue to affect South Korean steelmakers.The European Commission is planning to announce the result of related investigations on June 7. The investigations were initiated in February
The Korea International Trade Association announced that a total of 26 countries were implementing 212 import regulations against South Korea as of April 1.“COVID-19 led to higher levels of nationalism and trade protectionism worldwide and the number of those regulations against South Korea increase
Reshoring by Korean steelmakers is growing.KG Dongbu Steel decided on Nov. 2 to liquidate its plant in Jiangsu Province, China, and return to Korea, according to the Korea Iron & Steel Association (KOSA) on Nov. 16.KG Dongbu Steel said it plans to invest 155 billion won in Dangjin, South Chungcheong
POSCO has decided to make the first cut in production in 12 years since 2008. Even major steelmakers at home and abroad, such as ArcellorMittal and Hyundai Steel, pruned production volume, but POSCO did not. A decline in demand, however, due to the economic recession finally coerced the steelmaker t
The author is an analyst of NH Investment & Securities. He can be reached at will.byun@nhqv.com. -- Ed. Hyundai Steel booked operating losses for a second quarter in a row. Believing that earnings impact from the Covid-19 will hit its worst point in 2Q20, we forecast a 8.0% -y-y drop in full-year 20
Steel prices in China have recently shown signs of recovery, heightening the expectations of Korean steel companies for price normalization.China's hot-rolled steel sheet prices inched up from US$451 per ton on Feb. 28 to US$454 on March 6, industry sources said on March 17. Rebar prices rose fr
The United States Department of Commerce has imposed an anti-dumping duty of 53.8 percent, 33 percentage points higher than in the previous year, on Donga Steel’s heavy walled rectangular welded carbon steel pipes and tubes. In addition, the department raised its tariffs on other South Korean steelm
The U.S. government’s preliminary decision to exempt Korean cold-rolled steels from anti-dumping duties has given a breathing space to Korean steel manufacturers including Hyundai Steel.The U.S. Department of Commerce released the results of the second preliminary judgment on cold-rolled steel produ
South Korea and Indonesia have concluded negotiations on their Comprehensive Economic Partnership Agreement (CEPA). They are going to officially sign the agreement in the first half of next year so that it can become effective through parliamentary ratification.A CEPA is a trade agreement similar to
The Ministry of Trade, Industry and Energy announced on Aug. 29 that 29 countries are currently implementing 200 import regulations on South Korean products in the form of anti-dumping duties and safeguard measures.The ministry also said that investigations have been terminated without follow-up mea
The Korea International Trade Association (KITA) advised in its report on July 17 that South Korea’s trade strategies should be based on an assumption that the ongoing trade war between the United States and China is a constant rather than a variable.“The war is likely to last long, even in the even
The Bank of Korea announced on May 14 that South Korea’s export price index based on a reference year of 2010 and a reference value of 100 was 83.48 last month, up 0.5 percent from the previous month.The index rose for the third consecutive month after a rise of 0.2 percent in February. The rise in