South Korea is tightening trade protection measures in the steel industry. The South Korea Trade Commission (KTC) has recommended that the Ministry of Trade, Industry and Energy should accept a proposal from nine Chinese steel companies according to which they would raise export prices of hot rolled carbon and alloy steel plates over the next five years as part of antidumping remedies, according to media reports. The move follows increasing concerns that Chinese steelmakers are harming South Korea’s domestic steel industry by selling products at unfairly low prices.
According to KTC, the nine companies - including Baoshan Iron & Steel Co. and Jiangsu Shagang Steel Co. - submitted a price undertaking proposal for plate after the commission’s preliminary decision in February to impose antidumping duties ranging from 27.91 percent to 34.1 percent on HRC from China.
The KTC also stated it will recommend that the ministry of Economy and Finance should impose antidumping tariffs of up to 34.1 percent over the next five years on other Chinese exporters that did not submit such proposals.