South Korea Imposes Anti-Dumping Duties on Chinese Steel Wire Imports
South Korea has moved to protect its domestic market by targeting unfairly priced imports. The Korea Trade Commission has approved anti-dumping measures on Chinese steel wire, citing significant harm to local manufacturers.
South Korea Anti-Dumping Duties on Steel Wire Imports
The commission plans to recommend 8.6% duties on galvanized low-carbon steel wire imported from China. These duties will apply for the next five years. As a result, South Korea aims to restore fair competition within its steel wire market.
Learn more about the Korea Trade Commission: https://www.ktc.go.kr
Impact of Chinese Steel Wire on Domestic Market
As of 2016, South Korea’s galvanized steel wire market reached a value of approximately $92.7 million. However, Chinese imports dominated nearly 70% of the market, creating strong pricing pressure.
Because Chinese suppliers offered products below fair market value, domestic producers—especially small and medium-sized companies—faced growing challenges.
Government Action and Next Steps
The Korea Trade Commission concluded that these imports caused substantial damage to the domestic industry. Therefore, it submitted its recommendation to the Ministry of Economy and Finance, which will finalize the decision.
The ministry is expected to confirm the anti-dumping duties by July 31, reinforcing South Korea’s commitment to protecting its steel sector.
