According to an official statement released by the Korea Trade Commission (KTC) under South Korea’s Ministry of Trade, Industry and Energy (MOTIE), the commission has recommended that Japanese and Chinese exporters accept a minimum price level at which they will offer hot rolled coil to South Korea, while proposing antidumping duties for non-participating companies.
Price undertakings recommended for selected exporters
In its deliberation, the KTC concluded that dumped imports of HRC from Japan and China had caused material injury to the domestic industry.
However, instead of imposing duties on all exporters, the commission has recommended that the government accept price undertakings submitted by three Japanese and six Chinese producers/exporters, including JFE Steel, Nippon Steel and Baosteel. Under such undertakings, the exporters agree to a minimum offer level for HRC to South Korea to eliminate the injurious effect of dumping, in lieu of paying antidumping duties.
Duties proposed for other companies
For exporters that did not submit or were not accepted under price undertakings, the KTC has recommended the continuation of antidumping duties. According to the official release, the proposed duty rates are 32.66 percent for Japanese companies and 33.10 percent for Chinese companies.
The KTC’s recommendation will be forwarded to the relevant authorities for final decision and implementation in accordance with South Korea’s trade remedy procedures.
South Korea imposed provisional antidumping duties on hot rolled coil from China and Japan on September last year, as previously reported by SteelOrbis. The products in question are under Harmonized Tariff Schedule of Korea (HSK) numbers 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.
