Chinese stainless-steel producer Tsingshan Holding Group plans to set-up a cold-rolling mill with an annual capacity of 600,000 tonnes per year in Busan, South Korea, and has submitted letters of intent to the city government and potential business partners, Chinese market sources told Fastmarkets.
Domestic suppliers may raise concerns about Tsingshan's plans because South Korea currently consumes approximately 1 million tpy of stainless cold-rolled steel capacity, a Shanghai-based source said.Tsingshan likely intends to export stainless hot-rolled flat steel produced by PT Indonesia Tsingshan Stainless Steel to South Korea after the Chinese government initiated an anti-dumping investigation into stainless steel imports, a source in Zhejiang said.China's customs authorities have imposed...