U.S. resumes steel and aluminum tariffs on some trading partners

On the evening of 10 February EST, the United States Government announced the resumption of 232 steel and aluminum tariffs on formerly exempted trading partners and a further increase in import tariffs on aluminum products. This behavior violates multilateral trade rules and WTO rulings, and has an impact on the global supply chain.

2025-02-27

South Korea Considers Imposing Tariffs on Certain Chinese Steel Products

On February 20, the Trade Commission of the Ministry of Industry, Trade and Resources (MITRAB) of South Korea initiated a preliminary investigation into Chinese imports of “carbon and other alloy steel hot rolled steel sheet and plate products” and made a preliminary finding of dumping, proposing provisional anti-dumping duties of between 27.91% and 38.02% on Chinese imports. The preliminary determination was 27.91% for Baosteel, 29.62% for Jiangsu Shagang, 38.02% for Xiangtan Iron & Steel, Sano International and Xiamen International Trade Holdings, and 31.69% for other suppliers in China.

2025-02-27

UK introduces steel industry plan to counter US tariff threat

According to Reuters, as the U.S. imposes tariffs on steel imported into the U.S., the U.K. Department of Business and Trade released a development plan for the steel industry on Feb. 16 that will investigate issues facing the U.K. industry, such as unfair trade practices from other countries, and look at ways to attract and retain talent in the industry in Britain. Britain's business secretary has also said that he will try to persuade the U.S. government to lift tariffs on British steel and aluminum products.

2025-02-27

China's steel exports to the United States

China's direct steel exports to the U.S. in 2024 will be only 890,000 tons, accounting for 0.8% of total exports. In addition to the tariffs imposed by the U.S., there are also anti-dumping duties of different magnitudes on different steel varieties, basically blocking the channels for the vast majority of varieties to be exported to the United States.

2025-02-27

South Korean steel firms consider building plants in the U.S.

South Korea's steel industry is in a state of emergency after U.S. President Donald Trump announced a 25 percent tariff on all steel imports. Some South Korean steelmakers have said they are considering building new steel plants in the U.S. Hyundai Steel is considering a $7 billion investment in the southeastern U.S. to build a steel plant to produce automotive steel sheets.

2025-02-27

South Korea and Vietnam have successively imposed sanctions on Chinese steel products, and the impact and response analysis

On February 21, Vietnam announced that it would impose three anti-dumping duty rates of 19.38%, 26.94% and 27.83% on Chinese steel products exported to Vietnam, involving dozens of steel companies and related trading companies such as Baosteel and Ansteel, and the levy will take effect on March 8. The day before, the Trade Commission of the Ministry of Trade, Industry and Energy of South Korea launched a preliminary investigation on China's imports of "carbon steel and other alloy steel hot-rolled steel plates and thick plates", and preliminarily determined that there was dumping, and proposed to impose a temporary anti-dumping duty of 27.91% to 38.02% on China. Vietnam and South Korea are the first and second largest export destinations for my country's steel products, respectively. In 2024, their exports to them accounted for 11.5% and 7.4% of my country's total steel exports, respectively. In the short term, the imposition of anti-dumping duties will suppress my country's exports of hot-rolled related steel products and aggravate the contradiction between supply and demand in the domestic steel industry. However, in the long run, the intensification of trade sanctions will accelerate the restructuring of the global steel trade structure and force the domestic industry to upgrade. Domestic policies promote "controlling total volume and optimizing stock", accelerate the elimination of backward production capacity, promote electric arc furnace and scrap steel recycling technology, reduce dependence on iron ore imports, and respond to the international trade environment through technology upgrades, market diversification and international cooperation.

2025-02-27