Image credit - Korea Times
In a significant development for trade relations, the Korea Trade Commission has decided to lift the anti-dumping tariff that has been in place on Japanese stainless steel bars since 2004. The 15.39 per cent tariff, which had impacted imports for nearly two decades, will be terminated this week. Notably, this decision comes as domestic producers, led by Seah Changwon Integrated Special Steel, did not request an extension of the tariff.
Stainless steel bars play a crucial role in various industries, including aviation parts, medical instruments, and construction materials. The removal of the anti-dumping tariff is expected to have a positive impact on trade dynamics and could lead to increased imports of Japanese stainless steel bars.
The Korea Trade Commission explained its decision by highlighting the significant reduction in imports of Japanese stainless steel bars since the imposition of the tariff in 2004. The commission noted that the local industry’s competitiveness had been on the path to recovery. Import data revealed a substantial decline in Korean imports of Japanese stainless steel bars, from 9,269 tons in 2003 to 4,303 tons in 2021.
In addition to lifting the anti-dumping tariff on Japanese stainless steel bars, the commission announced that similar tariffs on Indian and Spanish stainless steel bars would also be terminated this week. This move signals a broader shift in trade dynamics and a willingness to reconsider anti-dumping measures.
Moreover, anti-dumping tariffs imposed on Taiwanese and Italian stainless steel bars, ranging from 9.47 per cent to 18.56 per cent, are slated to be removed on May 16. These decisions collectively reflect an effort to recalibrate trade policies and foster a more open and collaborative trade environment.
The termination of anti-dumping tariffs is likely to be welcomed by businesses engaged in the import and use of stainless steel bars, offering them greater flexibility and potentially reducing costs. It also underscores the evolving nature of international trade relations and the importance of periodic reviews to ensure that trade policies align with current market conditions.