South Korea’s Ministry of Economy and Finance has announced it has decided to impose antidumping duties on imports of hot rolled carbon steel and other alloy steel products from China and Japan.
Chinese exporters will face antidumping duties ranging from 28.16 percent to 33.10 percent, while Japanese suppliers will be subject to rates between 31.58 percent and 33.43 percent.
Selected producers exempt through minimum price agreements
Alongside the antidumping measures, the ministry accepted price undertakings from several Chinese and Japanese producers, allowing them to export covered products to South Korea at or above agreed minimum prices instead of paying antidumping duties. The agreements were accepted on June 23, 2026, and take effect upon publication by the South Korean government.
The Chinese producers covered by the undertaking include Angang Steel, Baoshan Iron & Steel (Baosteel), Wuhan Iron & Steel, Maanshan Iron & Steel, Hebei Yanshan Iron and Steel, Shougang Jingtang, Jiangsu Shagang Steel and Rizhao Steel, together with their designated export trading companies.
The Japanese participants include Nippon Steel Trading Corporation, Sumitomo Corporation Global Metals Co., Ltd., Dongkuk Corporation, SeAH Japan Co., Ltd., Marubeni-Itochu Steel Inc., Metal One Corporation, Nissei Trading Co., Ltd., JFE Shoji Corporation, Okaya & Co., Ltd., POSCO International Japan Corp., Young Steel Co., Ltd. and Toyota Tsusho Corporation, along with their affiliates.
Only products manufactured by these companies and exported through the designated trading companies qualify for the undertaking. Exports by other companies remain subject to antidumping duties.
Minimum export prices to be adjusted quarterly
The undertaking applies to hot rolled carbon steel and other alloy steel flat products, including hot rolled coils, sheets and plates, imported from China and Japan under the specified Harmonized Tariff Schedule of Korea (HSK) tariff codes. Products excluded under South Korea’s antidumping regulations or those subject to a zero percent antidumping duty are not covered.
The products in question are under HSK codes 7208.10.1000, 7208.10.9000, 7208.25.1000, 7208.25.9000, 7208.26.1000, 7208.26.9000, 7208.27.1000, 7208.27.9000, 7208.36.1000, 7208.36.9000, 7208.37.1000, 7208.37.9000, 7208.38.1000, 7208.38.9000, 7208.39.1000, 7208.39.9000, 7208.40.0000, 7208.53.1000, 7208.53.9000, 7208.54.1000, 7208.54.9000, 7208.90.0000, 7211.13.0000, 7211.14.1000, 7211.14.9000, 7211.19.1000, 7211.19.9000, 7225.30.1000, 7225.30.9010, 7225.30.9091, 7225.30.9092, 7225.40.1000, 7225.30.9099, 7225.40.9092, 7226.20.0000, 7226.91.1000, 7226.91.2000, and 7226.91.9000.
A central element of the undertaking is the minimum export price, defined as the lowest CIF (Cost, Insurance and Freight) price at which covered products may be sold to South Korean importers. Sales made under other delivery terms must be converted to an equivalent CIF value before compliance is assessed.
The initial minimum price will apply until June 30, 2026. Beginning July 1, 2026, minimum prices will be revised quarterly using a formula based on changes in MySteel domestic steel prices in China, Japan Metal Daily domestic steel prices in Japan and movements in the KRW/USD exchange rate published by the Bank of Korea. Exporters must submit their calculated quarterly minimum prices to the ministry of economy and finance and the Korea Trade Commission by the fifteenth day of the final month preceding each quarter. For the third quarter of 2026, the submission deadline is June 26.
Agreement includes strict compliance requirements
The undertaking applies only to direct exports from the designated manufacturers and exporters. Products shipped through non-approved companies remain subject to antidumping duties. Participating exporters also agreed not to circumvent the undertaking through changes in product descriptions, product forms, product names, indirect sales channels, lower-quality products or price manipulation. They further committed not to route exports through third countries or unauthorized trading companies.
Compliance will be assessed based on the date of the South Korean import declaration. If authorities determine that an exporter has violated the undertaking, including reporting obligations or anti-circumvention provisions, the undertaking may be revoked and antidumping duties imposed immediately on that exporter. The agreement also allows either the participating manufacturers or the South Korean authorities to request renegotiation after one year if significant changes occur in market conditions, including supply and demand, prices or exchange rates.