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Against the backdrop of rising global protectionism in the steel industry, the South Korean government has decided to impose temporary anti-dumping duties of up to 33.57% on hot-cut steel sheets from China and Japan. This was announced on July 24 by the Trade Commission under the Ministry of Trade, Industry and Energy.
The investigation began in March at the request of Hyundai Steel against six Japanese and five Chinese manufacturers, including JFE Steel, Nippon Steel, Baoshan Iron & Steel and Bengang. Hyundai said that cheaper products from these countries lead to lower prices and distortion of competition. The Commission supported Hyundai’s arguments and plans to conclude the investigation before final action is taken.
The decision was in response to a double blow to the industry: high U.S. tariffs and a surplus of Chinese steel. Earlier, on June 26, the Commission had already approved anti-dumping duties of 21.62% on thick stainless steel from China for a period of five years. In February, a record temporary duty of 38.02% was imposed on Chinese steel, and in April – up to 18.81% on cold rolled products from Vietnam.
It’s not just Korea that is strengthening industry protection. Vietnam has imposed tariffs on Chinese hot-rolled steel up to 27.83% for five years. Canada has slashed its quota for steel imports from countries without free trade agreements by 50% and imposed a 50% duty on exceeding the limit to prevent an influx of Chinese steel being pushed out of the U.S. market.
