Taiwan to face new tariffs on steel exports to S. Korea

An import tariff of 9.47 to 18.56% to be recommended for Taiwan's stainless steel bars

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Steel slabs

Steel slabs (By Wikimedia Commons)

TAIPEI (Taiwan News) – The South Korean Trade Commission is preparing to impose new anti-dumping tariffs on Taiwanese steel bars, according to a report from Yonhap News Agency.

The Trade Commission is preparing to send an official request to South Korea’s Financial Minister for a tariff of between 9.47 and 18.56 percent on stainless steel bars from Taiwan for up to five years.

In addition to the Taiwanese steel products, Italian steel bars are also being targeted by the anti-dumping measure.

According to the report from Yonhap, Taiwanese bars have been imported at excessively low prices on the Korean market which has damaged the domestic steel industry.

Taiwan steel exports to Korea have been on steady decline. In 2017, Taiwanese stainless steel bars accounted for over 17 percent of Korea's imported bars, report CNA. In 2018, that number was less than 10 percent.

Taiwan’s steel exports to South Korea have been an issue of contention over the past year with several probes and tariffs introduced in 2018 over charges of dumping.