Korea extends anti-dumping probe
Korea extends anti-dumping probe
The Korea Trade Commission (KTC) has extended its anti-dumping investigation against ferroalloy imported from Viet Nam, Ukraine and India and will arrive at a final decision on October 1 this year instead of August 1 as per the previous deadline.
The information was revealed by the Viet Nam Trade Office in the Republic of Korea.
The items under investigation are imported ferro-silico-manganese products under the HS code: 7202.30.0000.
On December 7, 2016, the KTC initiated an anti-dumping investigation on ferroalloy imported from Viet Nam, Ukraine and India at the request of companies Dongbu Metal, Simpac Metal, Simpac Metalloy and Taekyung Industrial.
Earlier, an investigation into dumping and material injury issues had been scheduled from July 1, 2015, to June 30, 2016, and from January 1, 2013, to June 30, 2016, respectively.
After four months of investigations, the KTC arrived at a preliminary conclusion that there was enough evidence of anti-dumping practices and substantial damages to the Korean industry.
The KTC said it would recommend that the finance ministry levy punitive duties of 6.08 - 32.32 per cent on ferro-silico-manganese products imported from these three countries, for underselling and causing damage to the local industry.
The tax rate for Viet Nam is expected to be 7.48 per cent.
The alloy made of iron, silicon and manganese is a key ingredient for manufacturing steel, the Korean antitrust agency said.
The Korean market for the alloy was estimated at 230,000 tonnes in 2015, worth 250 billion won (US$220 million). Products imported from Viet Nam, India and Ukraine accounted for nearly 40 per cent of the market.
This June, the KTC conducted on-site investigations of Vietnamese enterprises.
