The Korean steelmaker recently submitted a complaint to the Ministry of Trade, Industry and Energy. The ministry is expected to review the case for about two months before deciding whether to launch a formal investigation.
Thick plates, typically 6 millimeters or thicker, are primarily used in shipbuilding and construction.
Data from the Korea International Trade Association shows Chinese steel exports increased 15.1 percent year-on-year from January to April 2024, while export prices dropped 19.4 percent during the same period.
The Korea Iron & Steel Association reports that imports of Chinese steel products rose 29.2 percent to 8.73 million tons last year.
Currently, Chinese thick plates are reportedly selling for around 700,000 won ($505.7) per ton in the domestic market, at least 100,000 won cheaper than Korean-made products.
Hyundai Steel is one of Korea's three major steel producers alongside POSCO and Dongkuk Steel. Steel plate sales account for about 15 percent of its total revenue.
reporter
Kim Joo-heon
jhkim123@ajunews.com
Copyright ⓒ Aju Press All rights reserved.
