It was reported that Tsingshan Iron & Steel planned to build a stainless steel cold rolling plant with an annual capacity of 600,000 tons in South Korea. The firm had submitted a letter of intent to the South Korean city of Busan, which was reviewing whether it could approve the license.

After Chinese anti-dumping on Indonesia, in order to better digest overseas stainless steel products, Tsingshan had submitted a letter of intent for cooperation with stainless steel cold rolling mills in Malaysia, Europe, and South Korea, intending to jointly establish cold rolling processing enterprises.

However, South Korea local traders were worried about this because cold rolled stainless steel apparent consumption each year in South Korea was around 1 million tons, and the enterprise’s cold rolling capacity was close to 60% of it.

Nearly two months, South Korean imports of cold-rolled products had increased dramatically. Local stainless steel trade competition was fierce, leading to the local trade and processing enterprise profitability declined obviously.