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SEOUL, November 13 (Yonhap) – South Korea’s Trade Commission on Friday made a preliminary decision to extend anti-dumping duties on stainless steel bars from a handful of nations for another three years.

Under the decision, the Commission will ask the Ministry of Finance to impose duties ranging from 3.51 percent to 15.39 percent on imported stainless steel bars from Japan, India and Spain, the Ministry of Commerce, Industry and Energy announced.

South Korea to extend anti-dumping duties on stainless steel bars
South Korea to extend anti-dumping duties on stainless steel bars

Stainless steel bars are used in the production of automotive parts, medical instruments, construction materials and other industrial goods.

The size of the South Korean market for these products was estimated to be around 400 billion won ($358 million) or 100,000 tons in 2018.

Since July 2004, South Korea has levied anti-dumping duties on stainless steel bars imported from the three countries.

The Ministry of Finance will make the final decision before the end of January next year.

Sources: econotimes.com and yna.co.kr


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