South Korea’s trade commission has decided to impose anti-dumping duties on steel wire from China, saying the cheap imports hurt the domestic industry.
Per published reports, the Korea Trade Commission said it will make a recommendation to the finance ministry the levying of 8.6% duties on galvanized low-carbon steel wire imported from China for the next five years. South Korea’s galvanized steel wire market was valued at about US$92.7 million as of 2016, with Chinese products accounting for 70% of the market.
“The trade commission concluded that the Chinese products imported below the fair market value have caused substantial damage to the domestic industry, especially small and medium-sized companies,” the commission said in a release. The finance ministry will confirm the duties on steel wire by July 31.
A DoC press release said exporters from South Africa and Ukraine sold wire rod in the U.S. at 135.46 to 142.26%, and 34.98 to 44.03% less than fair value, respectively. As a result, DoC will instruct U.S. Customs and Border Protection (CBP) to collect cash deposits from importers of wire rod from South Africa, and Ukraine based on these final rates.
In 2016, imports of carbon and alloy steel wire rod from South Africa and Ukraine were valued at an estimated $7.1 million and $55 million, respectively. In 2016, exports of carbon and alloy steel wire rod from Ukraine to the United States more than doubled in physical terms compared to 2015, to 146,470 tonnes and grew by 70.9% in monetary terms, to $55.02 million. Shipments from South Africa, on the contrary, more than halved in physical terms, to 20,000 metric tons and decreased by 58.3% in monetary terms, to $7.05 million.
The petitioners in the case were Gerdau Ameristeel US Inc. (FL), Nucor Corporation (NC), Keystone Consolidated Industries (TX), and Charter Steel (WI).
If the U.S. International Trade Commission (ITC) makes affirmative final injury determinations, DoC will issue AD orders. If the ITC makes negative final determinations of injury, the investigations will be terminated and no orders will be issued.
"While the United States values its relationship with South Africa and Ukraine even our closest friends must play by the rules," said U.S. Secretary of Commerce Wilbur Ross.