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Japan, South Korea Steel Themselves

In: Social Issues

Submitted By lrnzxgrc
Words 461
Pages 2
China, Japan and South Korea are the big three in Asia in terms of steel industry. Since 2008 these three East Asian steel giants have accounted for over half of global steel consumption and supplied over half the world's steel. According to the China Iron & Steel Association, China produces about half the world’s steel and exports are on pace to exceed 80 million tons this year Competition between these countries is very tough right now due to the devaluation of the yuan and it will cause the disruption of the steel exports of Japan and South Korea. This is a great move for the Chinese steel exporters because this will increase the export percentage of China for it will lower the price of the Chinese steel which will intensify its demand and supply. Also Japan, South Korea and other countries are worrying about their sales because of the dominance of China.

If I am a businessman I would prefer the steel which were from China because I will save more money since the value of the yuan is devaluating and I will grab this opportunity to buy in glut so that I will not have a hard time if I will be needing more steel. As what Tatsuro Kano had stated it could affect the Japanese market in terms of imports from China because more businessmen will patronize the steel from China since it’s cheaper than any other steel.

In my own opinion, I think there are some points to consider; First, for me it is a very strategic move of China to defeat it competitors because the value of their money is cheaper than the other. Secondly, I am not surprised if China did this, because trade is all about business and it is very important for them to think critically on how to defeat their competitors so that they would acquire more profit. And lastly, for me I will still check the quality of the steel that I import because I don’t want to experience that I saved money but the quality of the steel that I bought is not that good as compare to those steel which is costly.

Summing it up, I think that this move of China will be a significant one because their ambition of being a powerful state will be achieved if they will surpass all of their competitors in terms of economy. Also this might start a trade conflict between the three countries for they compete for the export of steel among other countries, most especially right now that China is flooding the world with regards to the exports of steel because of its cheaper price. And for me the worst is yet to come with regards to the exports of steel.…...

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