Trade authorities have decided to impose a 21.62% 'anti-dumping duty' on Chinese stainless steel fla.. - MK

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Trade authorities have decided to impose a 21.62% 'anti-dumping duty' on Chinese stainless steel flanks. In addition, the steel industry is considering anti-dumping complaints against other Chinese steel materials such as plated and colored steel plates, and special steel rods, following back plates and hot-rolled steel plates. The move is aimed at reducing damage to the domestic steel industry against a barrage of low-priced products from China.

On the 26th, the Ministry of Trade, Industry and Energy held the 461st Trade Committee to deliberate and decide on dumping investigations on Chinese stainless steel plates. The Trade Commission will confirm the dumping of the product and the resulting real damage to the domestic industry and propose to the Minister of Strategy and Finance that 21.62% of anti-dumping tariffs be imposed over the next five years.

The dumping survey comes after DKC, a South Korean steel company, requested dumping investigations into the export products of four Chinese companies, including Shuang, STX Japan, Best Win and Jiangsu. The Trade Commission began its investigation in September last year, and a provisional anti-dumping tariff of 21.62% has been imposed since March this year.

This year, the Trade Commission has continued to take strong measures against dumping steel materials. Following a provisional tariff of up to 11.37% on Vietnamese stainless steel in April, a provisional tariff of up to 38.02% was imposed on Chinese hot rolling plates in the same month. The results (preliminary judgment) of hot-rolled steel sheets from China and Japan, which began investigation in February, are also expected to take place next month.

The steel industry is also raising its guard against low-cost imports. According to the industry, Dongkuk Steel is preparing an anti-dumping complaint against Chinese-made plated and colored steel sheets, and Seah Besteel is also considering an anti-dumping complaint against Chinese-made special steel rods.

An official from the steel industry said, "As the inflow of low-priced Chinese products increases, profitability is deteriorating due to falling prices and falling sales," adding, "We are looking forward to normalizing prices through anti-dumping of low-priced imports."

The Trade Commission's action on low-cost imported steel is having a real effect. In the case of Chinese hot rolled plates, which the Trade Commission imposed a provisional tariff of 38.02% in April, imports fell. Last month, Chinese hoopan entered Korea was 62,000 tons, down 62.9 percent year-on-year.

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