Nine Chinese corporations have decided to raise their export prices over the next five years. This decision comes as it is expected that the Korean trade authorities will impose anti-dumping duties of up to 34.1%, leading them to state that they will not engage in dumping exports.
On the 28th, the Ministry of Trade, Industry and Energy held the '463rd Trade Committee' meeting and decided to propose to the Minister of Economy and Finance to impose anti-dumping duties ranging from 27.91% to 34.10% on hot-rolled steel plates (HRC) and other alloy steel products imported from China.
The trade committee concluded that these products were entering the market through dumping, which is causing substantial harm to the domestic industry.
In response, the nine Chinese corporations proposed a promise to raise export prices over the next five years. The trade committee decided to recommend acceptance of this proposal to the Minister of Economy and Finance.
The price commitment is one of the measures to alleviate industrial damage. If violated, anti-dumping duties may be imposed.
For Chinese export corporations that do not participate in the price commitment, an anti-dumping duty of 34.10% will be imposed over the next five years.