Feb 19, 2021
South Korea to slap anti-dumping tariffs on steel products from Taiwan
2021-02-22
TAIPEI (Taiwan News) — South Korea ruled Thursday (Feb. 18) that Taiwan dumped flat-rolled steel products in the local market, paving the way for tariffs of up to 9.51 percent to be imposed according to a final ruling scheduled for July.
South Korea’s top steelmaker POSCO filed a complaint with the Korea Trade Commission in July last year, triggering an investigation into steel imports from China, Indonesia, and Taiwan, the Yonhap News Agency reported Friday (Feb. 19). It was concluded that the local steel sector did suffer from cheaper-than-normal flat-rolled steel products imported from the three countries.
However, another round of investigations lasting three months is necessary, with an extension of two months possible. If the decision to impose anti-dumping tariffs is confirmed, Chinese steel imports will face a tariff level of 49.04 percent, Indonesia 29.68 percent, and Taiwan 9.2 percent to 9.51 percent.
Flat-rolled steel products are widely used to manufacture cars, ships, industrial equipment, and kitchen utensils, CNA reported. The imports from Taiwan, Indonesia, and China hold a share of the South Korean market between 10 percent and 20 percent each, while local product holds a share of 40 percent.
Source: Taiwan News
