The South Korean Ministry of Trade, Industry, and Energy (Motie) announced that the removal of the tariffs was due to the decision of domestic producers, particularly Seah Changwon Integrated Special Steel and Dong Il Steel, not to request a review of the tariffs. The deadline for requesting a review is six months before the expiration of the tariffs.
According to Motie data, stainless steel bar imports from Japan, which were around 9,269 tons in 2003 before the tariffs were applied, decreased by over half to 4,303 tons in 2021.
The removal of tariffs, last extended on January 22, 2021, for a fourth time at rates of 3.51% to 15.39%, will impact a sector with an internal market size of approximately 100,000 tons and a value of around 400 billion won (299 million dollars).
Local producers also did not request a separate review of the anti-dumping tariffs imposed on stainless steel bars imported from Taiwan and Italy on May 16, 2019. These tariffs, ranging from 9.47% to 18.56%, are scheduled to expire on May 16 of this year. Following the implementation of the tariffs, imports from Taiwan declined by over 60% from 11,054 tons in 2017 to 4,322 tons in 2021. Taiwanese and Italian products held about a 10% market share in the South Korean market in 2017.
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