The Korean steelmaker recently submitted a complaint to the Ministry of Trade, Industry and Energy. The ministry is expected to review the case for about two months before deciding whether to launch a formal investigation.
Thick plates, typically 6 millimeters or thicker, are primarily used in shipbuilding and construction.
Data from the Korea International Trade Association shows Chinese steel exports increased 15.1 percent year-on-year from January to April 2024, while export prices dropped 19.4 percent during the same period.
The Korea Iron & Steel Association reports that imports of Chinese steel products rose 29.2 percent to 8.73 million tons last year.
Currently, Chinese thick plates are reportedly selling for around 700,000 won ($505.7) per ton in the domestic market, at least 100,000 won cheaper than Korean-made products.
Hyundai Steel is one of Korea's three major steel producers alongside POSCO and Dongkuk Steel. Steel plate sales account for about 15 percent of its total revenue.
Copyright ⓒ Aju Press All rights reserved.