SEOUL, July 22 (Yonhap) -- South Korea will face anti-dumping duties from China on some stainless steel products, industry sources said Monday.
Beijing's commerce ministry announced earlier in the day that it will impose anti-dumping duties on stainless steel billets and hot-rolled stainless steel plates imported from the European Union, Japan, Indonesia and South Korea.
The anti-dumping rates have been set at between 18.1 percent and 103.1 percent, and will start being applied Wednesday, according to China's commerce ministry.
POSCO, South Korea's top steelmaker, will face 23.1 percent duties on its stainless products, the industry sources said.
China initiated an anti-dumping probe in July last year.
Earlier, South Korea's trade ministry claimed that the volume exported by local steelmakers does not negatively impact Chinese companies, and anti-dumping regulations will not help the Chinese industry and could potentially have an impact on regional economies.
Advertising controversy grips S. Korean mukbang YouTubers
Seoul's last-ditch home supply plan still in doubt over its viability
Korean foodmakers ramp up overseas push amid COVID-19 pandemic
Bumpy road lies ahead for Samsung, even after heir avoids detention
One month into eased social distancing, S. Korea wrestles with cluster infections, cases with unknown routes