Korea lifts import tariffs on some stainless steel rods
South Korea's anti-dumping duties on stainless steel rods from Japan, India and Spain will end today after being imposed for 20 years on July 30, 2004.
Tariff Removal occurred because domestic producers, including Seah Changwon Integrated Special Steel and Dong Il Steel, did not demand tariff revisions, South Korea's Ministry of Trade, Industry and Energy (Motie) said. The deadline for submitting a request for reexamination is six months prior to the scheduled termination of the tariffs. According to Motie, imports of stainless steel bars from Japan have more than halved from 9,269 tons in 2003 (before tariffs) to 4,303 tons in 2021.
Tariffs on stainless steel bars from Japan, India and Spain were last renewed on January 22, 2021 for the fourth time in three years at rates of 3.51-15.39%. The domestic market size for these products in 2018 was about 100,000 tons and was worth about 400 billion won (US$299 million). Products subject to re-inspection accounted for about 20% of the market.
Domestic manufacturers also did not request a review of individual anti-dumping duties on stainless steel rods from Taiwan and Italy, which were introduced on May 16, 2019. These duties of 9.47-18.56% are scheduled to expire on May 16 this year. After the tariffs took effect, Taiwanese imports fell by more than 60% from 11,054 tons in 2017 to 4,322 tons in 2021. In 2017, the share of Taiwanese and Italian products in the South Korean market was 10%.