Review of Whether to Conduct a Full Investigation by the Ministry of Industry
As concerns rise that China is flooding the market with low-priced exports of its overproduced goods, Hyundai Steel has filed an anti-dumping complaint against Chinese hot plate manufacturers with the government.
According to government and industry sources on the 24th, Hyundai Steel recently lodged an anti-dumping petition with the Ministry of Trade, Industry and Energy, claiming damages caused by Chinese companies' low-priced hot plate exports.
Chinese steel companies, facing a prolonged slump in their domestic real estate market and reduced internal steel demand, are pushing their domestic products, including hot plates, overseas at low prices. According to the Korea International Trade Association, China's steel exports from January to April this year increased by 15.1% compared to the same period last year, while export prices fell by 19.4%. Statistics from the Korea Iron & Steel Association show that last year, imports of Chinese steel products reached 8.73 million tons, a 29.2% increase from the previous year.
Domestic industry has long expressed dissatisfaction, stating that due to Chinese companies' low-priced exports, Korean firms have found it difficult to conduct normal business operations. Hyundai Steel, which filed the anti-dumping complaint against Chinese companies this time, is known to have about a 15% sales share in hot plates. In Korea, three companies produce hot plates: POSCO, Hyundai Steel, and Dongkuk Steel. This complaint was reportedly filed solely by Hyundai Steel.
The Ministry of Trade, Industry and Energy will review the case over the next approximately two months before deciding whether to initiate a formal investigation. If the investigation officially begins, it will proceed through stages including a preliminary determination and a final investigation ruling.
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