Business · Trade · 4 hrs ago
South Korean Steel Exports to EU Near September Levels After Sharp July Drop
South Korean steel exports to the EU fell 1.3% in September compared with a year earlier, a much smaller decline than in July.
The EU’s new steel import measures took effect on July 1, and exports fell 41.2% that month before the declines eased.
The EU cut its duty-free steel quota by 46% and raised the tariff above the limit to 50%.
South Korea’s dedicated quota was reduced by 19.7%, and the industry says the smaller allowance remains a burden.
Exports from January to September were still below last year’s level, with value down 5.4% and volume down 10.7%.
The EU is also expanding its carbon border rules and is developing a law intended to encourage low-carbon and EU-made products, which could add pressure on exporters.
South Korea’s government and steel industry are seeking changes and tracking the new rules, while a government trade official is due to meet European Parliament figures in Brussels in November.
South Korean steel exports to the European Union fell 1.3% year on year in September, narrowing sharply from July’s 41.2% decline.
Export declines also eased in August, as uncertainty after new EU steel measures began to subside.
Despite the improvement, South Korea’s EU steel exports remained below last year’s levels in the first nine months of 2026.
A 46% cut to the EU’s tariff-free steel import quota and higher tariffs on excess imports continue to weigh on exporters.
Industry concerns also include expanded EU carbon rules and a proposed law promoting low-carbon and EU-made products.
- Who
- South Korean steel exporters and the European Union.
- What
- South Korean steel exports to the EU fell 1.3% year on year in September, a smaller decline than in July and August.
- When
- September 2026; the figures were reported on October 30, 2026.
- Where
- South Korea and the European Union.
- Why
- The decline followed EU steel import measures, including smaller tariff-free quotas. The article says uncertainty around the measures eased somewhat, while quota limits and other planned regulations remain concerns.
This story does not have two clearly opposing sides.
The EU began new measures that cut tariff-free steel import quotas by 46% and raised tariffs on excess imports from 25% to 50%.
South Korean steel exports to the EU fell 41.2% year on year in value.
The year-on-year decline in export value narrowed to 14.1%.
The year-on-year decline in export value narrowed to 1.3%.
South Korea’s trade minister plans to meet European Parliament figures in Brussels for outreach on EU regulations.
- September export value
- $247 million
- September export decline
- 1.3% year on year
- July export decline
- 41.2% year on year
- South Korea’s EU steel quota
- Cut from 2.581 million tonnes to 2.073 million tonnes
- January–September exports
- $2.23 billion, down 5.4% year on year
- January–September export volume
- 2,253,133 tonnes, down 10.7% year on year
1 source
What people are saying
Uncertainties in the early stages of the system have partly been resolved, but the burden from the quota reduction remains.
CBAM does not yet have a major direct impact on exports, but industry burdens could grow in the future due to certificate costs.