South Korea to Slap Anti-Dumping Duties on Japanese Stainless Steel Plates

Yonhap reported that South Korea has decided to slap anti-dumping duties on Japanese stainless steel plates because they are sold at below market prices.

The Korea Trade Commission said that it has recommended punitive duties of 13.17% to be levied for the next 5 years against imports that have disrupted the local market and manufacturers. Under South Korean law, all decisions related to the levying of anti-dumping duties must be made by the finance ministry.

The plates are widely used in petrochemical plants, liquefied natural gas tanker ships and desalination facilities. The products that the duties will affect are 8 to 80 millimeters thick and 1,000 to 3,270 mm wide and are produced by Nippon Steel & Sumikin Stainless Steel Corporation, Nippon Yakin Kogyo Co Limited and JFE Steel Corporation.

The KTC began looking into possible unfair trade practices after receiving complaints by South Korea's sole stainless steel plate producer, DK Corporation, in March 2010.

The local stainless steel plate market stood at around KRW 350 billion annually in the 2008-09 period, with Japanese imports making up 27% of the total.