Steel Industry Under Pressure

In a bold move amid escalating global trade tensions, Korea has announced provisional anti-dumping duties of up to 33.57% on hot-rolled steel plates imported from China and Japan. This decision comes as the United States increases its global steel tariffs to 50%, marking a significant turn towards protectionism in the steel industry.

Protecting Domestic Markets

The Korean Trade Commission's preliminary ruling targets major steel producers in China and Japan, including JFE Steel, Nippon Steel, Baoshan Iron & Steel, and Bengang Steel Plates. Hyundai Steel's complaint about market disruption due to low-priced imports has been upheld, signaling a tough stance against unfair trade practices.

A Global Trend

This is not an isolated incident. Countries like Vietnam and Canada are also implementing measures to shield their steel industries from the flood of low-cost imports, particularly from China. With the U.S. market becoming less accessible, the fear of redirected Chinese exports has prompted these protective actions.

Looking Ahead

The Korean government is set to finalize the anti-dumping duties after further investigation, with plans to advance the domestic steel industry. Meanwhile, similar provisional duties have been imposed on Chinese single-mode optical fibers, indicating a broader strategy to combat dumping across sectors.