[Courtesy of the Korean Trade Commission]
SEOUL -- South Korea's regulatory authority for economic competition will open an anti-dumping investigation into flat-rolled stainless steel from China, Indonesia and Taiwan on complaints by POSCO that imported products have caused damage to the domestic industry. Products whose thickness exceeds 8 mm will be excluded.
POSCO, a predominant market player in South Korea, has applied for an anti-dumping investigation, the Korean Trade Commission (KTC) said, adding it would conduct preliminary and main surveys for five months each before making a final decision on whether to impose anti-dumping duties.
Flat-rolled stainless steel is produced through melting and rolling. The global demand for flat-rolled stainless steel is driven by widespread use in automobile parts, kitchen essentials, and heavy machinery.
POSCO insisted that dumping imports from China, Indonesia and Taiwan have caused a fall in market share, selling prices and an operating profit ratio, the commission said in a statement released on September 17. The commission put the size of South Korea's flat-rolled stainless steel market at 1.5 million tons or 3.5 trillion ($2.99 billion) as of 2019. Products from China, Indonesia and Taiwan accounted for 45.6 percent.
reporter
Lim Chang-won
cwlim34@ajunews.com
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