The Ministry of Trade, Industry and Energy held a meeting on July 22 and decided to impose anti-dumping duties on flat-rolled stainless steel from China, Indonesia and Taiwan. Specifically, the tariff rates are 24.83 percent, 25.82 percent and 9.07 percent, respectively.

 

According to the ministry, the size of the domestic market was approximately four trillion won in 2019, the market share of Chinese, Indonesian and Taiwanese products is about 40 percent, and the flat-rolled stainless steel products entered the domestic market at abnormally low prices to adversely affect South Korean companies.

 

It was pointed out that the duties would cause an increase in cost burden on the part of South Korean companies using the products. In this regard, the ministry decided to limit the application of the duties to products manufactured both at home and abroad. In addition, it decided not to apply the duties to five exporters that admitted dumping and promised to raise prices.

 

The Ministry of Trade, Industry and Energy is planning to notify the Ministry of Economy and Finance of its decision this week. The latter is supposed to make a final announcement on the duties on or before Sep. 25.

Source: Business Korea