The nation's trade commission says it will open an anti-dumping investigation into stainless steel bar products imported from Taiwan and Italy.

According to the Korea Trade Commission on Thursday, local manufacturers, including Dongil Steel and SeAH Special Steel, requested the probe, claiming that the cheap imports from Taiwan and Italy were hurting the domestic industry.

The commission will look into whether companies from the two countries sold their products below fair market value and caused serious damage to the domestic industry.

Stainless steel bars are widely used in auto parts and building materials, and the value of the domestic market is estimated to be around 340 billion won as of 2016.

Korean products make up for about 56 percent of the total market share, compared to imports from Taiwan and Italy, which together took up about 17 percent as of 2016.