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.