Korea moving to impose provisional tariff on Chinese stainless steel plates

By Kim Dong-young Posted : January 16, 2025, 17:45 Updated : January 16, 2025, 17:45
Minister of Employment and Labor Kim Moon-soo (second to right) inspects a steel refinery, Dec. 2, 2024. Yonhap
 
SEOUL, January 16 (AJP) - The Korea Trade Commission (KTC) has proposed a provisional anti-dumping tariff of 21.62 percent on stainless steel plates imported from China, citing significant damage to domestic industries caused by low-cost Chinese imports.

The decision, announced by the KTC under the Ministry of Trade, Industry and Energy on Thursday, comes in response to a formal complaint filed in June 2024 by South Korean steelmaker DKC. The company accused Chinese manufacturers of flooding the market with underpriced steel.

The proposed tariffs target stainless steel plates over 4.75mm thick and wider than 600mm - materials essential for industries like shipbuilding and industrial equipment manufacturing.

Chinese steel imports surged to 8.77 million tons in 2024, marking their highest level since 2017, according to the Korea Iron & Steel Association.

The KTC's recommendation has been forwarded to the Ministry of Finance for review and potential implementation.
Kim Dong-young

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