The Ministry of Commerce of China made a preliminary determination on March 22 that some stainless steel products imported from South Korea, Indonesia, Japan and the European Union have been dumped.
The products in question include stainless steel ingots and hot-rolled products. Claiming that the products have negatively affected China’s steel industry, the ministry imposed tariffs of 18.1 percent to 103.1 percent effective from March 23.
Specifically, anti-dumping duty rates of 23.1 percent and 103.1 percent have been applied to POSCO and other South Korean steelmakers, respectively. POSCO exports 160,000 tons of such products to China a year, which is equivalent to approximately 4 percent of POSCO’s total annual exports to China.
The Ministry of Trade, Industry and Energy of South Korea explained that POSCO is currently the only South Korean company that exports stainless steel to China. The rates applied to the European Union, Japan and Indonesia are 43 percent, 18.1 to 29 percent and 20.2 percent, respectively.
The Chinese ministry’s final determination is scheduled for July this year. It is said that POSCO is planning to discuss measures such as higher export prices with the Chinese ministry in order to avoid tariffs.