Korea to extend antidumping duties on imports of steel bars

29/12/2009 12:00 - 517 Views

Korea's trade watchdog said Thursday it will recommend extending antidumping duties on imports of steel bars from Japan, India and Spain for three years, according to Yonhap News.

The government has been imposing anti-dumping tariffs on stainless steel bars from the three countries, ranging from 5.11 percent to 15.39 percent, since July 30, 2004.

Stainless steel bars are mostly used for construction, auto parts, utensils and home appliances.

The Korean Trade Commission (KTC) said it made the final ruling to slap a 3.33 percent duty on products from India's Viraj Inc. and 15.39 percent on products sold at below-market prices from the other countries.

Japan's Sanyo Special Steel Co. will not be subject to the punitive action, as it has agreed to a so-called price undertaking arrangement whereby the firm itself will raise its export prices above a certain level.

2009.12.24

Source: www.koreaherald.co.kr