With the steel industry reeling from Chinese companies' low-priced offensive and the U.S. government's 50% high tariff, the government has decided to impose an anti-dumping tariff on Chinese carbon steel and alloy steel hot-rolled plate (steel plate 6 mm thick or more). Carbon steel and alloy steel hot-rolled plate refers to thick steel sheet rolled thin at high temperatures of 800℃ or higher.
According to the industry on the 5th, the Korea Trade Commission under the Ministry of Trade, Industry and Energy, which investigates whether dumping occurred, made a final determination that Chinese carbon steel and alloy steel hot-rolled plate was imported at dumping prices and harmed the domestic steel business. An industry official said, "The Trade Commission determined in October that it was subject to an anti-dumping tariff, and the Ministry of Economy and Finance made the decision to impose the anti-dumping tariff."
Dumping means exporting at a price lower than the domestic selling price. If there is an application from an interested party, the government of the importing country can investigate the fact of damage to domestic industry caused by imports and impose a tariff.
The Ministry of Economy and Finance (MOEF) gave advance notice of legislation on the 3rd to impose a 34.1% anti-dumping tariff for the next five years on Chinese carbon steel and alloy steel hot-rolled plate. This measure follows confirmation from an investigation conducted from Oct. 4 last year that low-priced imports of Chinese carbon steel and alloy steel hot-rolled plate caused damage to domestic industry.
The anti-dumping tariff applies to plate that is 4.75 mm or more in thickness, 60 mm or more in width, not in coil form, and not cold-rolled. Anti-dumping tariffs will not be imposed on abrasion-resistant plate for construction machinery and special-purpose vehicle production, or on high-tensile strength plate.
An official at the Ministry of Economy and Finance (MOEF) said, "If there are no unusual issues during the advance notice period, the anti-dumping tariff will be imposed as scheduled." The ministry plans to solicit opinions on Chinese carbon steel and alloy steel hot-rolled plate through the 14th of this month. The final plan to impose the anti-dumping tariff is expected around the 20th of this month.
In addition, the Korea Trade Commission issued a preliminary determination on a plan to impose an anti-dumping tariff on Chinese hot-rolled steel sheet. A steel industry official said, "As China is circumventing exports by routing steel through Vietnam and other countries, amendments to anti-dumping-related laws are needed to block this."