Import restrictions aimed at South Korean companies are most likely to continue and increase in the second half of 2020, making chemical companies and steelmakers' concerns piled around the circumstances. According to the Korea Trade-Investment Promotion Agency (KOTRA) report released August 9, chemical products, metal and steel are currently being oversupplied worldwide, are expected to be the main targets of restrictions in the second half of the year. In the H1 this year, 32 investigations were initiated against South Korean companies in 17 countries, while 15 related to steel and metal products and 8 companies related to chemical products.
This year, crude steel production volume in China is predicted to mark an all-time high at one billion tons and the amount signifying oversupply, thus leading to import restrictions.
Moreover, the same restrictions also might be used related to political issues, as the U.S.-China trade disputes. For instance, China recently suddenly stopped importing Australian beef and announced imposed anti-dumping tariffs on Australian barley after Australia said that China is deemed accountable for COVID-19.
