South Korea to impose antidumping tariffs on Chinese steel plates

The government will impose up to 38.02 percent antidumping tariffs on steel plates from China, accepting Hyundai Steel's claim that the oversupply of low-priced Chinese products has damaged the domestic industry.

The Korea Trade Commission said Thursday that its commissioners decided to recommend the Ministry of Economy and Finance to impose provisional antidumping duties equivalent to each Chinese steel plate supplier's dumping margin. 

Shipbuilders, on the other hand, will experience a rise in their production costs. The final verdict on the antidumping tariffs will be made within three months after the preliminary decision. During the period, the commission will conduct on-spot investigations and public hearings in which the interested parties shall participate.