S. Korea launches anti-dumping probe on Chinese steel product
SEJONG-- South Korea's trade commission said Monday that it has decided to launch an official investigation into the alleged dumping of a steel product imported from China that has been cited for disrupting fair competition.
The decision follows a formal complaint from four South Korean manufacturers, according to the Korea Trade Commission (KTC).
"The petitioners claim there has been actual damage to the local industry, such as a drop in domestic sales of products made here, due to unfair undercutting of prices by Chinese galvanized low carbon steel wire," the Korea Trade Commission said in a press release.
Galvanized low carbon steel wire is used for barbed wire fences and metal staples, with the China-made products accounting for 80 percent of the South Korean market worth 100 billion won last year.
The investigation may last up to 10 months, including five months for a preliminary probe, upon which the KTC will decide whether to impose anti-dumping duties, the commission said.
Source: Yonhap News Agency