South Korea Investigates Alleged Dumping of Hot-Rolled Steel and Optical Fibre from China
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Synopsis
On March 20, the South Korean government commenced a probe into the suspected dumping of hot-rolled carbon steel and optical fibre products from China and Japan, following complaints from major companies like Hyundai Steel and LS Cable & System.
Key Takeaways
- South Korea is investigating dumping of hot-rolled carbon steel.
- Five Chinese and six Japanese companies are involved.
- The KTC will conduct a thorough investigation over the next few months.
- POSCO Holdings is establishing a new department for global trade issues.
- Antidumping tariffs may be imposed on specific products.
Seoul, March 20 (NationPress) The government of South Korea has initiated an investigation into the suspected dumping of hot-rolled carbon steel and optical fibre products from China and Japan, as stated by the industry ministry on Thursday.
The Korea Trade Commission (KTC) has begun its inquiry into the alleged dumping of hot-rolled carbon steel and alloy steel products by six Japanese firms, including JFE Shoji Corp., alongside five Chinese companies, notably Benxi Iron and Steel Group.
This action follows a formal complaint from Hyundai Steel Co., a prominent South Korean steel producer, according to the Ministry of Trade, Industry and Energy, as reported by Yonhap news agency.
Additionally, the KTC has initiated a separate investigation regarding claims that three Chinese firms have dumped single mode optical fibre products at prices lower than their normal value, prompted by a complaint from LS Cable & System Ltd., the largest cable manufacturer in South Korea.
After three months of preliminary investigation, the KTC intends to carry out a main investigation over an additional three to five months before reaching a decision.
The KTC also organized a public hearing related to the ongoing investigation into the suspected dumping of petroleum resin products from China and Taiwan, as part of efforts to uphold the defense rights of the involved parties, as indicated by the ministry.
In December, the KTC made a preliminary ruling to impose a maximum of 18.52 percent antidumping tariffs on those products.
Meanwhile, POSCO Holdings, the parent company of South Korea's leading steelmaker POSCO, announced on Thursday its plans to establish a new department dedicated to managing global trade issues, which appears to be a response to the fluctuating tariff policies under U.S. President Donald Trump.
POSCO Holdings will launch this new department on Friday, focusing on trade matters involving steel, rechargeable battery materials, and the development of overseas energy resources on behalf of its subsidiaries, as stated in a company press release.
According to a company spokesperson, "A team has existed to manage global trade affairs under POSCO, but this new department will serve all affiliates within the holding company."
