Posted on 11 Aug 2020
Import restrictions targeting South Korean companies are likely to continue to increase in the second half of this year and steelmakers’ and chemical companies’ concerns are mounting under the circumstances.
According to the Korea Trade-Investment Promotion Agency’s report released on Aug. 9, steel, metal and chemical products, which are being oversupplied worldwide, are likely to remain the main targets of the restrictions in the second half.
In the first half of this year, a total of 32 investigations were initiated against South Korean companies in 17 countries and 15 and eight out of them were related to steel and metal products and chemical products, respectively. This year, China’s crude steel production volume is predicted to reach an all-time high of one billion tons and the oversupply is likely to lead to import restrictions.
Besides, such restrictions may be used in relation to political issues such as U.S.-China trade disputes. For instance, China recently stopped importing beef from Australia and imposed anti-dumping tariffs on Australian barley after Australia held China accountable for COVID-19.
Source:Business Korea
