April 27, 2024
Economy
Korea launches anti-dumping probe on Chinese steel
[THE INVESTOR] The Korea Fair trade Commission said on July 31 that it has decided to launch an official investigation into the alleged dumping of steel products imported from China.
The decision follows a formal complaint from four Korean manufacturers, according to the antitrust agency.
“he petitioners claim there has been actual damage to the local industry, such as a drop in domestic sales of products made here, due to unfair undercutting of prices by Chinese galvanized low carbon steel wire,” the FTCid in a press release.
Galvanized low carbon steel wire is used for barbed wire fences and metal staples, with the China-made products accounting for 80 percent of the Korean market worth 100 billion won last year.
The investigation may last up to 10 months, including five months for a preliminary probe, upon which the FTC will decide whether to impose anti-dumping duties.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The decision follows a formal complaint from four Korean manufacturers, according to the antitrust agency.
“he petitioners claim there has been actual damage to the local industry, such as a drop in domestic sales of products made here, due to unfair undercutting of prices by Chinese galvanized low carbon steel wire,” the FTCid in a press release.
Galvanized low carbon steel wire is used for barbed wire fences and metal staples, with the China-made products accounting for 80 percent of the Korean market worth 100 billion won last year.
The investigation may last up to 10 months, including five months for a preliminary probe, upon which the FTC will decide whether to impose anti-dumping duties.
By Alex Lee and newswires (alexlee@heraldcorp.com)
