South Korean steel exports up 22 percent in July 2014

According to the latest statistics released by the South Korean Ministry of Commerce, the country's steel exports increased significantly during the month of July this year. The export value reached $ 3198 million during July. The growth was 22.4 percent compared to the value of exports in the same month a year earlier.

The cumulative value of exports of steel products for the seven-month period from January to July this year amounted to $ 20.66 billion. The export value increased by 9.2 percent compared to the values ​​for the corresponding seven months in 2013.

On the other hand, Japan was the largest exporter of steel products and pig iron to South Korea. Imports to the country from Japan totaled 4.21 million tonnes from January to July this year, down 2.3 percent from imports in the same period last year.

Meanwhile, Washington recently imposed anti-dumping duties on steel pipes shipped to the US market from six countries, including South Korea. This may affect the volume of exports of products of South Korean metallurgical companies to the United States. The South Korean Ministry considers it necessary to challenge in court the decision of the United States to impose tariffs on pipe imports to the United States at a rate of up to 15.75 percent.