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Sudden! South Korea has decided to impose a maximum anti-dumping tax of 38.02% on steel products imported from China!
Feb 21,2025
South Korea's Trade Commission of the Ministry of Industry, Trade, and Resources decided on the same day to impose provisional anti-dumping duties of 27.91% to 38.02 percent on heavy sheet imports from China, Yonhap reported on February 20. The Korea Trade Commission assessed the findings of a preliminary anti-dumping investigation into carbon steel and other hot-rolled alloy steel thickets produced in China and ruled that the Korean steel industry suffered substantial losses as a result of the related "dumping practices," and therefore recommended that the Secretary of Corporate Finance of Korea impose the above provisional anti-dumper duties.
In July last year, South Korea's second-largest steelmaker, Hyundai Iron & Steel, filed a complaint against Chinese-made thick panels, and the Korea Trade Commission launched an anti-dumping investigation in October that year. South Korea plate market size of 8 trillion won, the anti-dumping preliminary ruling became the history of South Korea Trade Commission involving the largest amount of ruling.
Yonhap analyzed that the ruling would have different impacts on South Korea's steel, shipbuilding, construction and other industries. South Korean steel companies are expected to increase their domestic market share and improve their efficiency, but South Korean ship companies' costs will increase. In addition, the Korean Trade Commission also decided to recommend to the Ministry of Strategy and Finance to extend the anti-dumping duties on stainless steel flat rolled products in Chinese Mainland, Taiwan Province of China and Indonesia, and on uniaxial polypropylene film products in China, Indonesia and Thailand.
Previously, the United States has announced a sweeping 25 percent steel and aluminum tariff, and India may also impose a temporary 15 to 25 percent tax on steel from China as soon as six months.
South Korea is concerned that cheap imports from China and Japan are squeezing the viability of local manufacturers. Japan and China's hot rolled steel is 30% cheaper than South Korea's own, and South Korea's small and medium-sized steel companies prefer to import these low-cost goods. From 2021 to January 2025, South Korea imported a total of 14.98 million tons of hot-rolled steel sheets, of which Japan accounted for 7.53 million tons and China for 6.49 million tons, accounting for more than 90 percent.
Affected by the recession in the construction industry since 2022, the profitability of the South Korean steel industry has fallen sharply, increasing its reliance on low-priced imported steel. The French news agency pointed out that China dominates the steel industry and global steel demand has declined, putting the South Korean steel industry under enormous pressure.
Analysts believe that after the Trump administration's steel and aluminum tariffs take effect, more Chinese steel will be exported to Southeast Asia and Europe, exposing South Korean steel producers to more intense competition. South Korea's steel exports continued to decline after Korean media tried to blame China for shrinking global steel demand and its own lack of competitiveness.
Chinese Foreign Ministry spokesman Lin Jian has said that China's steel industry mainly meets domestic demand and has no export subsidy policy to stimulate export, and the export ratio has long been around 5%, far lower than Japan, South Korea and other countries, and the impact on the international market is limited.
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