SEOUL – The Korea Trade Commission has declared that it will terminate the anti-dumping tariff on Japanese stainless steel bars, a measure that has been in place since 2004. This announcement was made on Sunday, marking a significant shift in South Korea’s trade policy towards Japan.
According to Yonhap News Agency, the decision to lift the 15.39 percent tariff was influenced by the lack of requests for its extension from domestic producers, including Seah Changwon Integrated Special Steel Corp. Stainless steel bars, a crucial material used in diverse industries such as aviation, medical instruments, and construction, have been subject to this tariff for nearly two decades.
The commission noted that since the imposition of the anti-dumping tariff in 2004, imports of Japanese stainless steel bars into South Korea have substantially decreased, indicating the effectiveness of the tariff in protecting domestic industry. In 2003, South Korea imported 9,269 tons of these bars from Japan, a figure that dropped to 4,303 tons by 2021, as per government data. The statement from the commission also highlighted the recovery of competitiveness in the local stainless steel industry.
Furthermore, the commission announced that the anti-dumping tariffs on stainless steel bars from India and Spain will also be lifted this week, aligning with the decision on Japanese imports.
In a related development, separate anti-dumping tariffs imposed on Taiwanese and Italian stainless steel bars, ranging from 9.47 percent to 18.56 percent, are set to be removed on May 16. This series of tariff removals reflects a broader change in South Korea’s trade strategy and its approach to international steel markets.