The South Korean trade commission plans to extend the existing anti-dumping tariffs on Chinese H-shaped steel beams, according to media reports. The duty, which was originally levied for five years in 2015, could be extended till 2025 at the minimum. Tariffs would be in the range of 28.23-32.72pc on all Chinese producers, except those who ship steel at pre-fixed rates.
Korea’s domestic H-shaped beam market is estimated to be $2bn or 2.8mn mt in 2019. But China is selling the product at less than fair value, impacting domestic steelmakers. A case for the extension was made by Hyundai Steel and Dongkuk Steel, two of the major mills in the country. The final decision in this regard is expected in May.