Mexico has raised the import quota of South Korean cold-rolled (CR) steel products by 21pc following results of the review regarding its imports from the Asian country. If implemented, imports of CR steel will total 573,906mt in 2020, rising to 595,508mt in 2021, 620,044mt in 2022 and 661,586mt in 2023.
South Korea’s foreign ministry confirmed that Mexico will raise the import quota to 662,000mt of CR steel sheets in 2023, up from 547,500mt in 2019. South Korean had made the request for an import quota hike of CR steel sheets in October 2020, according to South Korean local media.
In December 2018, South Korean steelmaker Posco filed a complaint for the revision of the CRC import commitment. Posco steel has planned to import more CR steel to its Mexican unit for processing into HDG. Expected growth of car production in Mexico over 2019-2023 will result in the increased consumption of HDG products and CR steel, according to the steelmaker.
In December 2013, the Mexican government had put a limit on five-year imports instead of imposing an anti-dumping tariff of 6.45pc for Hyundai steel and 60.4pc for Posco steel products. On November 1, 2019, the Mexican Ministry of Economy prolonged Hyundai’s import volumes of 45,000mt for an additional five years, effective January 1, 2019.