South Korea slaps tariffs on Chinese steel plates over dumping
20 February 2025 - 15:17
byReuters
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SEOUL — South Korea’s industry ministry said on Thursday it had provisionally decided to impose up to 38% tariffs on Chinese steel plate imports after an investigation into alleged dumping of the steel product used in shipbuilding and construction.
The move comes after South Korean authorities initiated an investigation into dumping by Chinese steel suppliers after local companies had filed complaints about an influx of low-cost steel plates from China, the world’s biggest steel producer.
The ministry said that preliminary investigation results showed that there were “sufficient grounds” to suspect substantive damage to the domestic industry from dumped imports.
“In order to prevent damage that may occur during the full-fledged investigation period, we have decided to recommend the imposition of provisional anti-dumping duties of 27.91% to 38.02% to the finance minister,” it said in a statement.
China’s ministry of commerce did not immediately respond to a request for comment.
In 2024, South Korea imported $10.4bn worth of steel products from China, accounting for 49% of its total steel imports.
Earlier on Thursday, shares of Hyundai Steel closed the session up 5.8% and POSCO Holdings jumped 3.9% on expectations of the announcement, while the broader KOSPI market fell 0.7%.
The scrutiny on steel imports also comes as South Korea is bracing for the impact on the domestic industry of US President Donald Trump’s 25% US tariffs on steel and aluminium imports.
South Korean trade minister Cheong In-kyo said earlier in February that the US tariffs due to come into force in March would reduce US steel demand and erode steel exporters’ profitability.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
South Korea slaps tariffs on Chinese steel plates over dumping
SEOUL — South Korea’s industry ministry said on Thursday it had provisionally decided to impose up to 38% tariffs on Chinese steel plate imports after an investigation into alleged dumping of the steel product used in shipbuilding and construction.
The move comes after South Korean authorities initiated an investigation into dumping by Chinese steel suppliers after local companies had filed complaints about an influx of low-cost steel plates from China, the world’s biggest steel producer.
The ministry said that preliminary investigation results showed that there were “sufficient grounds” to suspect substantive damage to the domestic industry from dumped imports.
“In order to prevent damage that may occur during the full-fledged investigation period, we have decided to recommend the imposition of provisional anti-dumping duties of 27.91% to 38.02% to the finance minister,” it said in a statement.
China’s ministry of commerce did not immediately respond to a request for comment.
In 2024, South Korea imported $10.4bn worth of steel products from China, accounting for 49% of its total steel imports.
Earlier on Thursday, shares of Hyundai Steel closed the session up 5.8% and POSCO Holdings jumped 3.9% on expectations of the announcement, while the broader KOSPI market fell 0.7%.
The scrutiny on steel imports also comes as South Korea is bracing for the impact on the domestic industry of US President Donald Trump’s 25% US tariffs on steel and aluminium imports.
South Korean trade minister Cheong In-kyo said earlier in February that the US tariffs due to come into force in March would reduce US steel demand and erode steel exporters’ profitability.
Reuters
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