South Korea mulling temporary AD duties on China’s thick steel plates
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Update time : 2024-12-05 21:01:35
The South Korean government is mulling an imposition of temporary anti-dumping duties on imports of thick steel plates with a thickness of 6mm or more from China.
The Ministry of Trade, Industry and Energy (MOTIE) announced on December 2 that it has begun an AD review against China’s low-priced thick steel plates. This move stemmed from Hyundai Steel's complaint in July. A related investigation was launched in October.
A preliminary ruling was expected in January next year, and temporary tariffs may be implemented in February.
South Korea's steel industry is under pressure due to overproduction and an influx of low-priced steel products from China.
According to statistics from the Korea Iron and Steel Association (KOSA), China's steel imports reached 7.36 million tons in the first ten months of this year, a year-on-year increase of 37.3%. Among them, the imports of thick steel plates grew 7.35% year on year, and the price was more than 25% lower than that of South Korean products, posing a financial challenge to domestic steel companies.
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