South Korea holds a hearing on anti dumping cases of stainless steel coils from China, Indonesia and Taiwan
South Korea's Trade Commission held a public hearing on the anti-dumping case of stainless steel coils imported from China, Indonesia and Taiwan last Thursday and will make a final ruling in July, Yonhap reported.
According to the Korea Trade Commission, the move follows South Korea's decision to investigate stainless steel coils from China, Indonesia and Taiwan in September 2020. POSCO of South Korea filed a complaint with the European Commission in July 2020 against the anti-dumping of its foreign competitors.
According to the report, South Korea made a preliminary decision in February this year, saying that the import price of flat rolled stainless steel from these countries and regions was lower than the market price, which had a negative impact on the local industry. According to the decision, South Korea will consider imposing anti-dumping duties of about 49% on Chinese products and 29.68% on Indonesian products, while imports from Taiwan may face tariffs of 9.2-9.51%. Products from China, Indonesia and Taiwan account for about 40% of the Korean market, while local Korean companies account for another 40%. The committee plans to make a final ruling in July based on the opinions collected at the hearing.