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According to Yieh.com, the South Korean Trade Commission has ruled that imports of hot-cut steel sheet from China are harming domestic industry. As a result, Chinese exporters who do not agree to the price hike will be subject to anti-dumping duties ranging from 27.91% to 34.10% over the next five years.
The decision was made on August 28 following an investigation into a complaint filed by Hyundai Steel. Nine Chinese exporters, including Baosteel and Jiangsu Shagang, have offered to raise their export prices under a five-year agreement on price commitments, while others will be subject to new anti-dumping duties.
This agreement excludes imports for areas with restricted free access, such as shipyards, allowing to balance protection of local industry with stable supply for demand sectors.
The product in question is a hot-rolled sheet of carbon and alloy steel of a thickness of 4.75 mm or more and a width of 600 mm or more, falling within CN codes 7208.51.1000, 7208.51.9000, 7208.52.1000, 7208.52.9000, 7225.40.9010, 7225.40.9091 and 7225.40.9099. These products are mainly used in industries such as shipbuilding, construction and heavy machinery.
