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South Korea’s steel industry is bracing for its weakest export performance in five years as a wave of competitively priced Chinese steel continues to flood key overseas markets, according to a report by KED Global. The surge in Chinese shipments, supported by low domestic prices and subdued internal demand in China, is eroding South Korean mills’ share in traditional destinations across Asia and beyond.
Korean producers are being squeezed from both sides: low-cost Chinese material on one hand and high-end, value-added Japanese products on the other. This is putting pressure on export volumes as well as margins, particularly for commodity-grade flat and long products where price competition is intense. Many mills are reportedly reassessing their product mix, focusing more on higher-strength, specialised steels to defend profitability.
Seoul, meanwhile, is seeking to cushion the impact through policy support. The government is placing greater emphasis on tightening import controls and encouraging restructuring within the domestic steel sector to improve efficiency and global competitiveness, the report notes. Industry stakeholders warn that, without sustained policy backing and a faster shift into premium products, South Korea risks losing ground in a market reshaped by Chinese oversupply and increasingly stringent trade measures worldwide.
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