- Thai cold-rolled stainless imports rise sharply in 2026
- POSCO Thainox reportedly has no recent Korea sales
Imports of cold-rolled stainless steel from Thailand into South Korea have increased significantly since 2025, despite Thailand not being a major historical supply source. Imports, which were virtually absent in 2024, rose to around 1,556 t in 2025. During January-August 2026, imports reached 4,252 t, more than five times the approximately 827 t imported during the corresponding period last year and already well above the full-year 2025 volume.
The recent increase differs from the temporary surge witnessed during late 2022 and early 2023, when Thai supplies rose amid a supply disruption following flooding at POSCO’s Pohang works. Imports during October 2022-January 2023 totalled around 13,115 t, before falling sharply as supply normalised.
New Thai supply channels under scrutiny
The latest rise has drawn attention because POSCO Thainox is reportedly not currently exporting cold-rolled stainless steel to Korea, while Yongjin Technology’s new Thai cold-rolling facility has not yet commenced full-scale operations. The facility is expected to become operational only after the end of 2026.
This has led to speculation that the recent Thai material could be entering Korea through local processing and distribution networks, rather than through conventional direct exports from Thai cold-rolling mills.
Thailand has companies producing stainless steel pipes and tubes that also operate processing facilities such as coil slitting and cutting. Industry traders believe some of these pipe manufacturers could be sourcing cold-rolled stainless coils from Indonesia, which has become a major regional supply base due to its price competitiveness.
AD measures create third-country procurement interest
The development comes as Korea has imposed anti-dumping measures on stainless steel products from China, Indonesia and Taiwan, while Vietnamese cold-rolled stainless steel is also now covered by AD regulations. This has increased the incentive for importers to explore alternative supply sources outside the countries targeted by trade measures.
Thailand could therefore emerge as a potential third-country procurement route. However, the available information does not establish that the recent Thai imports constitute indirect or irregular imports.
The key consideration is the actual manufacturing process and country of origin. If sufficient manufacturing, including cold rolling, takes place in Thailand, the material could qualify as legitimate third-country production. Conversely, if cold-rolled material originating in AD-targeted countries is merely slit or cut in Thailand before being exported to Korea, its origin and applicability of AD measures would require further examination.
MTCs crucial for origin verification
Given that stainless steel pipe manufacturers frequently slit wide cold-rolled coils into narrower strips, determining the actual rolling location is particularly important. Industry participants have therefore called for verification of the steelmaking, hot-rolling and cold-rolling history of the material using Mill Test Certificates (MTCs) and certificates/proofs of origin.
Market sentiment
Market sentiment remains cautious, as the rise in Thai imports is still relatively small compared with Korea’s overall cold-rolled stainless steel import market. However, the sharp increase from virtually zero in 2024 to more than 4,000 t by August 2026 has raised concerns over potential changes in regional supply chains.
Outlook
The key focus will remain on whether Thai imports represent genuine third-country production or material originating from AD-targeted countries that undergo only limited processing in Thailand. With Vietnam now also covered by AD regulations, Korean authorities are expected to pay closer attention to alternative import channels and the manufacturing history of incoming material.
Note: This article is published as part of a content exchange agreement between SteelDaily and BigMint.
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