South Korea Slaps Anti-Dumping Tariffs On Chinese Stainless Steel For 5 Years

South Korea slaps 21.62% anti-dumping duties on Chinese steel imports, citing damage to local industry from low-cost dumping.

South Korea imposes anti-dumping tariffs on Chinese and Vietnamese steel imports to safeguard local manufacturers.

Source : Unsplash

South Korea's trade watchdog decided on Thursday to impose anti-dumping tariffs on stainless steel plates from four Chinese companies, according to Seoul's industry ministry.

The Korea Trade Commission (KTC) made a final decision to recommend the finance ministry levy 21.62 percent duties on stainless steel products imported from Schuang International Development Ltd., STX Japan Corp., Best Win International Co. and Jiangsu Daekyung Stainless Steel Co., all in China, for the next five years, the ministry said.

The decision came after South Korean steel company DK Corp. filed a complaint against the Chinese companies with the KTC a year ago, reports Yonhap news agency.

The KTC concluded that the dumping of Chinese steel plates, widely used in the natural gas, shipbuilding, semiconductor and display sectors, has caused "substantial" damage to the local industry.

On Thursday, the KTC also held a public hearing on suspected damage to Korean companies from alleged dumping of Chinese sodium dithionite products and Thai particle boards before reaching a final decision on possible anti-dumping measures later this year.

In April, South Korea's trade watchdog decided to impose anti-dumping tariffs on cold-rolled stainless steel products from two Vietnamese companies.

The Korea Trade Commission (KTC) made a final decision to recommend the finance ministry levy 18.81 percent duties on stainless steel products imported from Vietnam's Yongjin Metal Technology Co. and 11.37 percent tariffs on those from TVL Joint Stock Co. over the next five years, it said.

The decision came after South Korean steel giant POSCO Holdings Inc. filed a complaint against the Vietnamese companies with the KTC a year ago.

The KTC concluded that the dumping of Vietnamese steel products here has caused "substantial" damage to the local steel industry.

The KTC also recommended the finance ministry to levy provisional anti-dumping tariffs of up to 33.97 percent on Chinese sodium dithionite products following a preliminary investigation.

In addition, the trade watchdog proposed provisional anti-dumping tariffs of up to 17.19 percent on particle board imports from Thailand, according to the ministry.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)