Mexico extends import deal with South Korean steelmakers
Mexico extended an import agreement with South Korean steelmakers.
The deal, inked in 2013, allows Hyundai Hysco and Posco to import a limited quantity of cold-rolled steel at prices which do not harm domestic producers.
Mexico's economy ministry dropped an antidumping investigation into the imports after the agreement was reached.
The companies requested a revision of the deal due to growing demand for cold-rolled steel in Mexico, including from a new plant being built by Kia Motors, owned by Hyundai Motor Company, and investment in a galvanized sheet factory by Posco, aimed at supplying the automotive sector.
National consumption of cold-rolled steel was expected to increase 4.2% in 2016, compared to the previous year, with a 5.0% rise forecast for 2017 and 5.8% next year, the filing said, citing information from steel chamber Canacero.
In light of increasing demand, the ministry raised the import limits for both companies.
Hyundai Hysco will be allowed to import 35,000t in 2017 and 45,000t next year, compared to 25,000t and 30,000t, respectively, under the 2013 agreement.
Posco's limit is lifted to 530,000t this year and 545,000t in 2018, from 500,000t in each year previously.
Dumping is a key threat to Mexico's steel sector. In response, the ministry imposed antidumping duties on imports of flat coated steel from China and Taiwan earlier in June. Four new duties on steel products were introduced in 2016.
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