South Korea: Stainless steel flats imports plunge by 20% y-o-y in Jan-Aug’25 following anti-dumping measures

• Imports from China drop 13% y-o-y to 0.16 mnt
• Shipments from Vietnam plummet by 36% y-o-y

South Korea’s stainless steel finished flats imports totalled 0.39 million tonnes (mnt) in January-August 2025, marking a 20% decrease from 0.49 mnt last year due to recent anti-dumping measures led to the fall in volumes.. However, in August, imports increased 15% m-o-m to 50,170 tonnes (t) in comparison with 43,500 t in July.

Meanwhile, South Korea’s stainless steel finished flats exports increased by 5% y-o-y in January-August 2025 to 0.66 mnt compared to 0.63 mnt in the same period in 2024.

Country-wise imports

Imports from China reached 0.16 mnt in January-August 2025, down 13% compared to 0.19 mnt in 2024. Imports from Vietnam dropped 36% to 48,915 t from 77,016 t as compared to the corresponding period last year (CPLY), while Taiwan’s shipments decreased 29% y-o-y to 40,334 t in the same period. Imports from Indonesia totalled 58,000 t, down 12% from last year.

The decline in imports coincides with South Korea’s trade defence measures. In May 2025, the Ministry of Economy and Finance extended anti-dumping duties for five years on stainless steel flat products (≤ 8 mm) from China (23.69-25.82%), Indonesia (25.82%), and Taiwan (7.17-9.47%). More recently, in July 2025, final anti-dumping duties of 11.37-18.81% were imposed on cold-rolled stainless steel from Vietnam. These duties, introduced to protect domestic producers from unfairly priced imports, have reduced shipments from all major supplying countries, leading to the overall 20% contraction in imports during the first eight months of 2025.

Country-wise exports

Italy remained the leading export destination, accounting for around 72,582 t, despite a slight decline of 9%. Exports to Vietnam showed strong growth, with a 31% increase to 108,620 t.

Shipments to Thailand also rose by 11% to 95,053 t, while India witnessed exceptional growth of 61% to 74,520 t as compared to 46,000 t in the CPLY.

The rise in South Korea’s stainless steel finished flats exports in January-August 2025 can be attributed to a combination of factors. First, the imposition of anti-dumping duties on imports encouraged domestic producers to redirect volumes towards overseas markets. Second, demand recovery in key export destinations such as Vietnam, Thailand, and India supported higher shipments, with India’s rapid stainless consumption growth driving a 61% y-o-y surge in imports from South Korea.

Additionally, South Korea’s competitive product quality and established trade ties with Europe helped sustain volumes to Italy. Overall, trade defence measures at home and firm regional demand reshaped flows, boosting outbound shipments amid softer imports.