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Slowdown signs - Korea and China discuss steel industry

<font face="Arial,sans-serif" size="2">Platts reported that senior South Korean and Chinese government and steelmaking officials gathered in Seoul to discuss bilateral cooperation in a bid to deal with the global slowdown of the steel industry. At the meeting, South Korean delegates called for their Chinese rivals to refrain from increasing capacity, warning it could lead to an oversupply of steel products.</font>

<font face="Arial,sans-serif" size="2">Korea Iron &amp; Steel Association said in a statement that "South Korean has expressed its deep concern about Chinese steelmaker overcapacity." South Korea stressed that China's stimulus package and its subsidization policy for its steelmakers would have a major impact on the international steel trade.</font>

<font face="Arial,sans-serif" size="2">South Korea also asked China to take measures to address concerns that Beijing's recent move to increase tax rebates to steel exporters would increase Chinese steel exports at the expense of other steelmakers around the world, undermining the global industry. South Korean delegates at the meeting included senior officials from the country's top two steelmakers POSCO and Hyundai Steel.</font>

<font face="Arial,sans-serif" size="2">Korea Iron &amp; Steel Association also said that South Korea's exports of steel products to China from January and May 2009 period jumped by 25.8% YoY to 2.15 million tonnes or worth USD 1.78 billion on the back of the Chinese stimulus package.</font>

 

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