The South Korean Ministry of Trade, Industry and Energy decided to impose anti-dumping duties on flat-rolled stainless steel from China, Indonesia and Taiwan in a meeting held on July 22.
The country has decided to levy tariffs of 24.83pc, 25.82pc and 9.07pc on products from China, Indonesia and Taiwan, respectively.
The size of the domestic market was around KRW4 trillion in 2019, of which, China, Indonesia and Taiwan contributed to about 40pc of the total products, said the ministry, adding that flat-rolled steel products have been entering the South Korean market at exceptionally low prices which has adversely affected the domestic companies.
The ministry has decided to limit tariffs levied on products manufactured both at home and abroad to restrict the cost burden on domestic companies that are using imports.
Additionally, the ministry has also decided to not apply tariffs on the five exporters who admitted to dumping and assured the ministry that they would raise prices.
The Trade, Industry and Energy Ministry is expected to notify the Finance Ministry of this decision by this week after which, the latter is likely to make a final announcement on tariffs before September 25.