[Alpha Biz= Kim Jisun] SEOUL, July 4 — South Korean steelmakers SeAH Besteel and SeAH Changwon Special Steel announced that they have jointly filed a petition with the Korea Trade Commission (KTC) requesting an anti-dumping investigation into imports of Chinese specialty steel bars.
In a press release, the companies stated:
“The uncontrolled influx of low-priced, low-quality Chinese specialty steel bars is threatening South Korea’s high-grade specialty steel industry. It undermines the competitiveness of the nation’s parts and materials sector and jeopardizes strategic materials sovereignty. We are filing this petition to safeguard the domestic industry.”
Steel bars are long cylindrical products manufactured through rolling or forging of semi-finished steel. They are widely used in industrial parts such as valves and in automotive components including shafts, transmissions, and chassis systems.
Among them, specialty steel bars are known for their high strength and lightweight properties, making them suitable for advanced applications in critical and safety-sensitive industries. These products often require highly customized specifications and are considered technology-intensive materials within the steel sector.
According to the Korea Iron & Steel Association, South Korea imported approximately 750,000 tons of specialty steel bars in 2023, of which 670,000 tons—92%—were sourced from China.
Since 2022, imports of Chinese specialty steel bars have surged from 450,000 tons to current levels, marking a 50% increase in just two years. Over the same period, the average import price per ton dropped by 24%, significantly impacting domestic producers' profitability.
SeAH Changwon Special Steel, for example, saw its operating profit plunge from KRW 125.7 billion in 2022 to just KRW 11.4 billion in 2023, a staggering 91% decline.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
