Overview

• The European Commission proposed a tariff‑rate quota cutting annual duty‑free steel imports 47% to 18.3 million tonnes and applying a 50% duty on volumes above quota, with melt‑and‑pour origin checks, pending approval by EU countries and the European Parliament.
• South Korean Trade Minister Yeo Han‑koo pressed EU Trade Commissioner Maros Sefcovic for an amicable solution at G20 and GFSEC meetings in South Africa, seeking FTA‑based consideration and sufficient allocations, and both sides agreed to keep talking.
• Seoul convened an emergency government‑industry meeting, vowed all available steps, and said a cross‑ministerial Steel Industry Advancement Strategy will be unveiled in late October with incentives, stronger antidumping tools and support for low‑carbon production.
• Korea exported about 3.8 million tonnes worth $4.48 billion to the EU last year, and analysts project Posco and Hyundai Steel could face tariff costs exceeding 1 trillion won under the EU plan after already absorbing higher U.S. duties this year.
• Indian exporters urged that EU‑India FTA talks secure relief from the halved quota and 50% out‑of‑quota duty, with analysts warning that the combined effect of the tariff and CBAM could lift the landed cost of Indian steel in Europe by over 60%.