South Korean steel exports to India increased 25% on the year in the April-June quarter, while shipments to the US declined 30% following Washington’s protectionist moves. Steel exports to India reached USD 660 million in the quarter, surpassing the USD 634 million to the US, according to industry figures. India has emerged as the third-largest export destination for South Korea’s steel industry.
The US in March imposed an additional 25% tariff on steel from many countries, including Japan and China, along with a 10% additional levy on aluminum. To avoid the hefty tariffs, South Korea reached an agreement with Washington to cap its steel shipments to the US this year at 70% of the average of 2015-17 in exchange for an exemption.
Source : NIKKEI
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