Singapore — South Korea will start anti-dumping investigations into stainless steel bar imports from Italy and Taiwan, the Ministry of Trade, Industry and Energy Thursday said.
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The ministry's Korea Trade Commission said the probe was initiated after local producers, such as Dongil Steel and Seah Special Steel Corp., alleged that cheap imports hurt their business.
As of 2016, the South Korean stainless steel bar market was worth about Won 340 billion ($315 million).
South Korean products account for 56% of the market, while Italy and Taiwan make up 17%, the ministry said.
Currently, anti-dumping duties of 3.56%-15.39% are levied on steel bar imports from Japan, India and Italy.
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