South Korea and India intend to cooperate more closely in metallurgy

During the meeting in Seoul, the Indian delegation proposed to strengthen technology exchange between the Indian Steel Association (ISA) and South Korea (KISA). As a result, a memorandum of understanding and cooperation was signed in the field of trade and technology exchange in steel production, as well as on the rules for the export of steel products from South Korea to India.

India, which is the third largest steel market in the world, is expected to grow at least 8% annually through 2030. Last year, South Korean steel exports to India totaled US $ 14.9 billion, and India was the fourth largest export destination for South Korean steel companies. However, the Indian government strictly regulates steel imports from overseas. When it comes to South Korea, anti-dumping investigations are being carried out on hot and cold rolled sheet steel produced by POSCO in Maharashtra, Hyundai Motor in Chennai, etc.

The South Korean government and the country's metallurgists have tried to minimize their losses from the rules through bilateral ministerial meetings. As a result, a preliminary determination was received in August last year. Steel exports from South Korea and South Korean metallurgical businesses in India could be further stabilized once the preliminary determination becomes final next month.