South Korea provisionally slaps tariffs on Chinese steel plates for dumping (updated)

HYUNDAI STEEL

20/02/2025 09:44

(Adds request for Chinese comment in paragraph 5)
       SEOUL, Feb 20 (Reuters) - South Korea's industry
ministry said on Thursday it has provisionally decided to impose
up to 38% tariffs on Chinese steel plate imports after an
investigation into alleged dumping of the steel product used in
shipbuilding and construction.
    The move comes after South Korean authorities initiated an
investigation into dumping by Chinese steel suppliers after
local companies had filed complaints about an influx of low-cost
steel plates from China, the world's biggest steel producer.
        The ministry said that preliminary investigation results
showed that there were "sufficient grounds" to suspect
substantive damage to the domestic industry from dumped imports.
  
        "In order to prevent damage that may occur during the
full-fledged investigation period, we have decided to recommend
the imposition of provisional anti-dumping duties of 27.91% to
38.02% to the finance minister," it said in a statement.
  
    China's ministry of commerce did not immediately respond to
a request for comment. 
    In 2024, South Korea imported $10.4 billion worth of steel
products from China, accounting for 49% of its total steel
imports. 
    Earlier on Thursday, shares of Hyundai Steel  004020.KS 
closed the session up 5.8% and POSCO Holdings  005490.KS  jumped
3.9% on expectations of the announcement, while the broader
KOSPI market  .KS11  fell 0.7%. 
    The scrutiny on steel imports also comes as South Korea is
bracing for the impact on the domestic industry of U.S.
President Donald Trump's 25% U.S. tariffs on steel and aluminium
imports.
    South Korean Trade Minister Cheong In-kyo said last week
that the U.S. tariffs due to come into force in March would
reduce U.S. steel demand and erode steel exporters'
profitability. 

 (Reporting by Joyce Lee and Jihoon Lee in Seoul and Lewis
Jackson in Beijing
Editing by Ed Davies)
 ((Ed.Davies@thomsonreuters.com;))