South Korea's trade commission said Thursday that it has imposed preliminary anti-dumping duties on stainless steel rods from Taiwan and Italy, saying cheap imports have seriously damaged the domestic industry.
The Korea Trade Commission under the Ministry of Commerce said it would recommend that the Ministry of Finance impose a 9.68-18.56 percent tariff on these stainless steel products imported from the two countries.
The Commission set 9.68-18.56 percent duties on Taiwanese products and 11.02-13.08 percent tariffs on Italian goods.
Stainless steel products are used to make auto parts, machine tools, aircraft, medical equipment and chemical plants.
The domestic market is estimated at 370 billion won (US $ 330 million) as of 2017, with products from Taiwan and Italy accounting for 16.5 percent of the total, according to the ministry.
South Korea imposes duties on imported stainless steel products
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