Singapore — The Korea Trade Commission has proposed antidumping duties on stainless steel bars from Italy and Taiwan for a period of five years, the Ministry of Trade, Industry and Energy said Thursday.
Citing that the imports have damaged the domestic industry, the commission will ask the Ministry of Strategy and Finance to impose duties of 9.47%-18.56% and 10.21%-13.74% on stainless steel bars from Taiwan and Italy, respectively.
The tariffs were decided after the commission concluded an investigation that began in May 2018.
The trade ministry said the domestic market for stainless steel bars was worth about Won 300 billion ($266.4 million) in 2017, or 100,000 mt, and Taiwanese and Italian products accounted for about 10% of it.
Taiwan's Walsin Lihwa Corp. faces a tariff of 9.47% while Gloria Material Technology Corp. will be slapped with 18.56%. All other Taiwanese suppliers face 13.14% in tariffs.
For Italian producers, a tariff of 10.21% will be imposed on Acciaierie Valbruna while Cogne Acciai Speciali will get 13.74%. All other Italian producers will be hit with a tariff of 11.97%.
Nine Italian stainless steel bar products were excluded as they are not produced by South Korean companies, such as stainless steel bars for automobile parts.
-- Clement Choo, clement.choo@spglobal.com
-- Edited by Irene Tang, newsdesk@spglobal.com