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Increase in Chinese hot-rolled steel imports

Chinese hot-rolled steel imports are rising again after a major decline that followed the introduction of provisional anti-dumping tariffs last year. The article attributes the renewed increase primarily to the finalization of the minimum import price (MIP) at the end of June, which reduced uncertainty regarding anti-dumping duties.

Import volumes and year-on-year growth

Customs data show that from August 1 to 17, imports totaled about 101,000 tons, up 9.6% year-on-year.

By source country:

• Japan: ~51,000 tons (about half)
• China: ~34,000 tons
• Taiwan: ~14,000 tons

The article highlights Chinese supply as the most notable change.

Shift in Chinese “smelt” and “lead” imports

Chinese “smelt” imports had already dropped sharply after provisional anti-dumping tariffs took effect last September. Domestic imports also stayed low in early 2024, at under 5,000 tons per month from January to May.

However, the pattern shifted starting in June:

• Chinese lead imports: jumped to 76,000 tons as of June
• July: remained around 30,000 tons
• August 1–17: reached 34,000 tons, surpassing July’s total by that point

Industry interpretation

Industry commentary suggests the MIP confirmation is the key factor reducing uncertainty. However, imports have not yet returned to prior levels, referencing last year’s much higher monthly range of 100,000–200,000 units/tonnage per month (as noted in the subtitle).

Regional supplier trends

• Japan remains the largest supplier overall, at about 50.4% of imports.
• Taiwan imports also increased in August, exceeding July’s monthly total.

Exchange rate as an additional driver

The article also cites the won–dollar exchange rate falling into the 1,410 won range as another contributor.

Because previously higher exchange rates made import contracts more expensive, a weaker won can lower the cost burden and further encourage import activity.

Bottom line

With MIP confirmed and the exchange rate declining at the same time, market interest in imported steel products appears to be increasing again.