Japan and South Korea Discuss Chinese Excess Steel Production

The 8th conference between Japanese and South Korean public and private steel sectors was held in Soul, South Korea on 15 November, in which they confirmed the cooperation against Chinese excess steel production capacity. They also acknowledged the importance of the alliances between both steel industries.Their economic conditions keep favorable but they are anticipating the influence by subprime lending. They pointed out there are some negative factors for their steel businesses such as subprime lending, weakening US economy, higher oil price, and higher freight, while the industries keep high outputs. They described cautious reactions are needed for their production.As for stainless steel trade issues, they will watch the situation when European Union put out anti-damping for cold rolled stainless steel sheet against China, South Korea and Taiwan. South Korea revealed the country started the search for the fact on the base that there had been no excess export of cold stainless sheet from South Korea.Japan underlined the anticipation which China cannot consume their own steel products fully and Chinese steel products flows into Japan. Japan requires fair production for China in another conference between Japan and China.