[Yonhap News Photo]
SEOUL -- On complains from domestic companies, South Korea's state trade commission decided Thursday to levy 8.6 percent anti-dumping duties on galvanized low carbon steel wire imported from China for the next five years.
South Korean companies have complained that their business has been damaged by cheap Chinese products which accounted for 70 percent of the domestic steel wire market valued at about 100 billion won ($92 million) in 2016. On recommendations from the Korea Trade Commission, the finance ministry will make a final decision within 12 months.
Commission officials also agreed to extend 12.6-21.8 percent anti-dumping duties slapped on ethanolamine from the United States, Malaysia, Thailand and Japan for another five years. Ethanolamine from the four countries accounted for 30 percent of the domestic market valued at $40 billion won in 2016.
Last week, the commission ruled that stainless steel bar products from Taiwan and Italy would face a dumping probe on complaints from South Korean companies. South Korea currently levies anti-dumping duties ranging from 3.56-15.39 percent on stainless steel bar imports from Japan, India and Spain. Official data showed that products from Taiwan and Italy accounted for 17 percent of the South Korean market valued at about 340 billion won in 2016.
