South Korea announces anti-dumping duties on galvanized steel wires made in China

According to Yonhap News Agency (Seoul) on May 24, South Korea’s National Trade Commission (KTC) stated on Thursday that it has officially decided to impose anti-dumping duties on low-carbon galvanized steel wires made in China in view of the damage caused by cheap imported steel wires to the domestic steel wire industry.

The Korea Trade Commission stated that it would recommend that the Ministry of Finance impose an 8.6% anti-dumping duty on low-carbon galvanized steel wires imported from China in the next five years.

Galvanized steel wire is commonly used to manufacture corrosion-resistant steel wire products, including barbed wire, vineyard steel wire, baling steel wire and strapping.

According to the trade committee, as of 2016, South Korea’s galvanized steel wire market volume was 100 billion won ($92.7 million), of which Chinese-produced galvanized steel wire accounted for 70%.

The Trade Commission stated in the announcement: "The Korea Economic and Trade Commission believes that the price of galvanized steel wire products imported from China is lower than the fair market price, which has caused substantial harm to the domestic galvanized steel wire industry, especially small and medium-sized enterprises."

According to Chinese customs data, China’s total exports of galvanized steel wire to South Korea during the January-March period were 22,694 tons, a drop of nearly 12% from the 25,745 tons in the first quarter of last year. Moreover, the average export price of galvanized steel wire from January to March this year was US$856 per ton, compared to US$648 per ton in the same period last year.