South Korea to maintain anti-dumping tariff on Chinese H-shaped steel

Publish January 21, 2021
finance & economy

Seoul, Jan. 21 (BNA): South Korea's trade commission decided Thursday to uphold the existing anti-dumping tariff on imported Chinese H-shaped steel beams.

The move will extend the anti-dumping tariff, which has been in force since July 2015, by another five-year period, according to the Ministry of Trade, Industry and Energy.

H-shaped structural steel beams are widely used in building large structures. The domestic market for the product was estimated at 2.2 trillion won (US$2 billion) in 2019, or 2.8 million tons.

South Korean steelmaker Hyundai Steel Co. and Dongkuk Steel Mill Co. have been claiming that Chinese products will have an adverse impact on local industries.

South Korea plans to continue to slap tariffs of around 28.23 percent to 32.72 percent on Chinese firms, except for three suppliers that ship steel at pre-fixed prices.

The finance ministry is set to make the final decision by May this year.

bna

Latest Stories

Two service projects begin in capital Sana'a

2020-11-10 04:00:00

SANA'A, Nov. 09 (Saba) - Deputy Prime Minister for Services and Development Affaires Hussein Maqbouli and capital Sana'a"...
Read More

Tamkeen Development Program: Empowering Yemeni Communities

2020-11-01 04:00:00

The conflict in Yemen has caused immense suffering and financial devastation in disadvantaged communities, leaving many dependent"...
Read More

Hodeida distributes solar systems for IDPs

2020-10-26 05:00:00

HODEIDA, Oct. 25 (Saba) - Hodeida province has started inaugurating the distribution of solar energy systems for internally displaced"...
Read More

YPC organizes press conference over detaining oil ships

2020-10-20 04:00:00

HODEIDA, Oct. 19 (Saba) - Yemen Petroleum Company (YPC) has organized a press conference at Hodeida port to review the repercussions"...
Read More