S. Korea to slap anti-dumping tariffs to Chinese, Indonesian, Taiwanese flat-rolled steel

South Korea will slap anti-dumping tariffs on Chinese, Indonesian, and Taiwanese flat-rolled steel products based on a preliminary ruling by the Korea Trade Commission finding the said countries guilty of dumping.

Chinese imports will get an anti-dumping tariff rate of 49.04 percent, while Indonesian steel gets a 29.68 percent rate, and the Taiwanese at around 9.5 percent.

POSCO, South Korea's top steelmaker, had filed a complaint with the commission in July that the said countries are dumping their flat-rolled steel products locally.

The commission said it concluded that damage on the local industry is "not small."

Flat-rolled stainless steel is used to create a wide range of products from ships and automobiles to medical instruments.

The commission, which will conduct another round of investigation over the next three months, will make a final ruling in July.

The South Korean flat-rolled stainless steel market was estimated at around 4 trillion won, or 2 million tons, with domestically produced volume accounting for roughly 40 percent.