The United Kingdom's Trade Remedies Authority (TRA) has confirmed it is conducting an anti-dumping investigation into Korean hot-rolled plates (steel plates with a thickness of 6 mm or more). Based on the investigation results, if anti-dumping tariffs are imposed, it is expected that exports of related products will also be disrupted.
According to the steel industry on the 12th, the United Kingdom TRA announced that it is initiating an anti-dumping investigation into Korean hot-rolled plates. The targeted manufacturers reportedly include POSCO, Hyundai Steel, and Dongkuk Steel Mill. This investigation follows a complaint from Spartan (SPARTAN UK. LTD), and the items subject to investigation are 11 kinds of products with varying thicknesses and forms according to customs-related codes.
Spartan claimed that last year, Korean hot-rolled plate products were priced about 10% lower than their normal value, causing harm to the UK industry. According to Meps, a professional market research firm in the UK steel industry, as of December last year, the distribution price of hot-rolled plates in the UK was around £653 (1.21 million won) per ton.
The United Kingdom TRA plans to make a preliminary decision by January next year after investigating the sales of Korean hot-rolled plates from April 2021 to the end of March this year. The TRA is accepting investigation requests from stakeholders until the 23rd and plans to begin investigations against exporters and importers next month.
If anti-dumping tariff measures are implemented as a result of the investigation, an impact on UK exports is expected. According to the Korea Iron & Steel Association (KISCO), the export volume of hot-rolled plates to the UK, which recorded 16,288 tons in 2021, increased by 198% to 48,486 tons last year. By May of this year, it had accumulated an export volume of 29,189 tons.
The domestic steel industry plans to gather opinions from each operator to determine the response direction since the investigation has just begun. An industry source noted, "As many steel companies are included in the investigation target, it is expected that the response direction will be determined according to the progress of the investigation."