The China Iron and Steel Association (CISA) has highlighted that, according to local media in South Korea, the domestic steel giant Hyundai Steel has submitted an antidumping complaint to the Trade Commission of the Ministry of Trade, Industry, and Energy in South Korea. Hyundai Steel claims that low-priced hot rolled steel coil (HRC) from China and Japan has caused significant damage to its business. Consequently, the company has requested that an antidumping investigation be launched on HRC originating from these two countries. The application for the investigation is currently under review and is expected to be formally filed in early March.
According to South Korean statistics, the country imported 14.98 million metric tons (mt) of HRC (MTI 6132 category) between January 2021 and January 2025. Of this, 7.53 million mt was imported from Japan, and 6.49 million mt from China, with both countries making up over 90 percent of South Korea's total imported HRC.
Despite these imports, South Korea's steel exports have remained sluggish, and local media have attributed the shrinking global demand for steel and the lack of competitiveness in HRC sales to China.
In response, China's Foreign Ministry spokesperson Lin Jian emphasized that China’s steel industry primarily serves domestic demand, with no subsidy policies in place to promote exports. He noted that China's share of global steel exports has long been about five percent, much lower than countries like Japan and South Korea, meaning its impact on the international market is minimal. Lin also pointed out that while China's steel capacity and production account for about half of the global total, its steel consumption is similarly significant. He attributed the global overcapacity issue to a weak recovery in global economic development and shrinking demand for steel, particularly in developed nations.
The CISA urged all parties involved to view the global overcapacity issue objectively and fairly, and to take joint action to address the challenges it poses.
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