South Korea's trade commission said Thursday it will launch an anti-dumping investigation into stainless steel bar products imported from Taiwan and Italy.
The Korea Trade Commission under the trade ministry said it made the decision at the request of Korean manufacturers, including Dongil Steel Co. and SeAH Special Steel Corp., who claimed that the cheap imports hurt their businesses.
The commission said it will look into whether Taiwanese and Italian companies sold their products below fair market value and caused serious damage to the domestic industry.
This file photo shows steel bars used in construction work. (Yonhap)
South Korea currently levies anti-dumping duties ranging from 3.56-15.39 percent on stainless steel bar imports from Japan, India and Spain.
Stainless steel bars are widely used in manufacturing and building materials, with the value of the domestic market estimated at about 340 billion won ($315 million) as of 2016.
Korean products account for about 56 percent of total market share, while imports from Taiwan and Italy take up about 17 percent as of 2016, according to the trade ministry.(Yonhap)