Why is South Korea imposing anti-dumping tariffs on Chinese stainless steel plates?
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Synopsis
South Korea's trade watchdog has decided to impose anti-dumping tariffs on stainless steel plates from four Chinese companies. This critical move aims to protect the local industry from the damaging effects of dumping, which has raised concerns among domestic steel manufacturers. Stay informed about the implications of this decision on the steel market and industry.
Key Takeaways
- South Korea's trade watchdog has implemented anti-dumping tariffs on Chinese stainless steel plates.
- The tariffs amount to 21.62 percent for five years.
- This action follows a complaint from DK Corp. regarding unfair competition.
- The KTC found substantial damage to the local steel industry.
- Provisional tariffs on other products from China and Thailand are also under consideration.
Seoul, June 26 (NationPress) South Korea's trade regulatory body announced on Thursday the implementation of anti-dumping tariffs on stainless steel plates imported from four Chinese firms, as reported by the country's industry ministry.
The Korea Trade Commission (KTC) reached a definitive conclusion to suggest that the finance ministry impose 21.62 percent duties on stainless steel products sourced from Schuang International Development Ltd., STX Japan Corp., Best Win International Co., and Jiangsu Daekyung Stainless Steel Co., all located in China, for the duration of five years.
This decision was prompted by a complaint filed by South Korea's steel manufacturer DK Corp. against these Chinese companies with the KTC last year, as indicated by the Yonhap news agency.
The KTC determined that the dumping of Chinese steel plates, which are extensively utilized in the natural gas, shipbuilding, semiconductor, and display industries, has inflicted significant harm on the domestic market.
Additionally, on Thursday, the KTC conducted a public hearing regarding the potential damage to Korean firms from alleged dumping of Chinese sodium dithionite products and Thai particle boards, with a final decision on possible anti-dumping measures expected later this year.
In a related matter, in April, South Korea's trade authority resolved to apply anti-dumping tariffs on cold-rolled stainless steel products imported from two Vietnamese companies.
The KTC finalized its recommendation for the finance ministry to impose 18.81 percent duties on stainless steel products from Yongjin Metal Technology Co. of Vietnam and 11.37 percent tariffs on imports from TVL Joint Stock Co. for the next five years.
This action followed a complaint lodged by South Korean steel giant POSCO Holdings Inc. against the Vietnamese firms last year.
The KTC's investigation revealed that the dumping of Vietnamese steel products has also caused substantial damage to the local steel sector.
Furthermore, the KTC advised the finance ministry to impose provisional anti-dumping tariffs of up to 33.97 percent on Chinese sodium dithionite products following an initial investigation.
Additionally, provisional anti-dumping tariffs of up to 17.19 percent on particle board imports from Thailand were proposed by the trade watchdog, as per the ministry's statement.
Point of View
It is essential to recognize that the implementation of anti-dumping tariffs by South Korea reflects a commitment to safeguarding local industries and maintaining fair competition. The move comes in response to legitimate concerns raised by domestic manufacturers, indicating a proactive approach to protect the economic interests of the nation.
NationPress
26/06/2025
Frequently Asked Questions
What are anti-dumping tariffs?
Anti-dumping tariffs are duties imposed by a government on foreign imports that it believes are priced below fair market value, to protect local industries from unfair competition.
Which companies are affected by these tariffs?
The anti-dumping tariffs affect stainless steel plates imported from Schuang International Development Ltd., STX Japan Corp., Best Win International Co., and Jiangsu Daekyung Stainless Steel Co., all based in China.
How long will these tariffs be in place?
The tariffs will be levied for a period of five years.
What prompted South Korea to impose these tariffs?
The tariffs were imposed following a complaint from South Korean steel company DK Corp., which claimed that dumping by Chinese companies was causing substantial damage to the local industry.
Have similar measures been taken against other countries?
Yes, South Korea has also imposed anti-dumping tariffs on cold-rolled stainless steel products from two Vietnamese companies recently.
