South Korea's Ministry of Trade, Industry and Energy has launched an anti-dumping investigation into Chinese steel plates following a complaint filed by Hyundai Steel. The investigation will determine whether low-cost steel plate exports by Chinese companies, including Shagang, are harming the local industry.
Hyundai Steel, South Korea's major steelmaker, said that cheap Chinese steel plates have caused significant damage to the local industry. ‘We have filed an anti-dumping complaint claiming damage caused by Chinese companies’ exports of low-cost steel plates,' a Hyundai Steel representative said.
According to the Korea Iron and Steel Association, imports of Chinese steel products into Korea reached 8.73 million tons last year, an increase of 29.2%. The global steel industry is being impacted negatively by China's overproduction and low-cost exports, and many countries have started to take various measures in response. In May, the US announced plans to increase tariffs on certain Chinese steel products from 0-7.5% to 25%. The European Union also launched an anti-dumping investigation into tin-plated steel products in May and Canada announced plans to raise tariffs on steel products by 25%. Developing countries such as Mexico and Brazil have also raised tariffs on Chinese steel this year.
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