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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.