EU carbon rules could cut Korean steel exports to EU by $1bn yearly by 2034
Briefing by News4U · First published
Pulse by Maeil Business reports the EU plans to expand CBAM, potentially reducing Korean steel exports to the bloc by more than $980 million annually by 2034.
Pulse by Maeil Business reports the EU plans to expand its Carbon Border Adjustment Mechanism beyond its current six product categories, potentially cutting Korean steel exports to the bloc by more than 1.3 trillion won ($980.2 million) annually by 2034. [1]
The European Commission is considering adding about 180 product categories, while the European Parliament is reviewing a proposal to add 457. CBAM certificates currently cost about 82.32 euros per ton of carbon dioxide. [1]
A steel industry official called for the government to negotiate with the EU to ensure that carbon costs already paid by Korean companies under the domestic emissions trading system are recognized as fully as possible. [1]
Sources
- Korean steel exports face $1bn annual hit from EU carbon rules
Pulse by Maeil Business · · Full text