South Korea announces cancellation of anti-dumping duties on stainless steel bars imposed on Japan, India, and Spain

The South Korean Ministry of Trade, Industry, and Energy (Motie) has announced the termination of anti-dumping duties on stainless steel bars from India, Japan, and Spain as domestic producers Seah Changwon Integrated Special Steel and Dong Il Steel have not submitted a request for reconsideration. According to regulations, the deadline for applying for reconsideration is six months before the end of the anti-dumping duty collection. This trade measure has been implemented for more than 20 years and came into effect on July 30, 2004, ending on January 22, 2024.

Since the implementation of the anti-dumping duty, the quantity of stainless steel bars imported by South Korea from the aforementioned countries has significantly decreased, effectively helping domestic producers restore their competitiveness. Data shows that in 2003 (before the implementation of anti-dumping duties), South Korea imported 9269 tons of stainless steel bars from Japan, but in 2021, the import volume decreased to 4303 tons, a decrease of more than 50%. On January 22, 2021, South Korea extended the anti-dumping duty on stainless steel bars for the fourth time against the above-mentioned importing countries, with an extension period of 3 years and a tax rate range of 3.51% -15.39%.

At the same time, South Korean domestic producers did not request to reconsider the anti-dumping investigations against imported resources from Taiwan HX160YD+AZ steel, China and Italy. The anti-dumping duty on stainless steel bars levied by South Korea on the two aforementioned countries ranges from 9.47% to 18.56%, and will end on May 16, 2024, starting from May 16, 2019. In 2017, Taiwan, China and Italy accounted for 10% of the South Korean market for stainless steel bars. However, since the implementation of this anti-dumping measure, the quantity of stainless steel imported by South Korea from Taiwan, China HX160YD+AZ steel of China has dropped from 11054 tons in 2017 to 4322 tons in 2021, a drop of more than 60%.