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S. Korea to extend anti-dumping duties on stainless steel bars

All News 16:19 November 13, 2020

SEOUL, Nov. 13 (Yonhap) -- South Korea's trade commission on Friday made a preliminary decision to extend anti-dumping tariffs on stainless steel bars from a handful of nations for another three years.

Under the decision, the commission will request that the finance ministry slap tariffs of 3.51 percent to 15.39 percent on imported stainless steel bars from Japan, India and Spain, according to the Ministry of Trade, Industry and Energy.

Stainless steel bars are utilized in making auto parts, medical instruments, construction materials and other industrial goods.

The size of the South Korean market for the products was estimated at around 400 billion won (US$358 million), or 100,000 tons, in 2018.

South Korea has been imposing anti-dumping tariffs on stainless steel bars imported from the three countries since July 2004.

The finance ministry will make the final decision before the end of January next year.

This undated file photo shows the headquarters of the Ministry of Trade, Industry and Energy in the administrative city of Sejong, South Korea. (Yonhap)

colin@yna.co.kr
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