China announced on the 30th that it will extend the anti-dumping tariffs imposed on stainless steel products from Korea, the European Union (EU), and Indonesia since 2019 for another five years.
China’s Ministry of Commerce stated on its website that Korea, the EU, the United Kingdom, and Indonesia will continue to have anti-dumping measures on imports of stainless steel ingots, hot-rolled plates, and hot-rolled coil products for five more years starting July 1. The tariff rates range from 18.1% to 103.1% depending on the company. POSCO will be subject to a tariff of 23.1%.
China imposed anti-dumping tariffs for five years in July 2019, stating that the dumping of stainless steel ingots, hot-rolled plates, and hot-rolled coil products exported by POSCO and steel manufacturers from Japan and the EU caused harm to its domestic industry.
Japan argued that these measures were unfair and filed a complaint with the World Trade Organization (WTO), which sided with Japan in June 2023, stating that China failed to prove that the imported stainless steel products caused damage to its domestic industry.
The Chinese government began a sunset review to determine whether to continue the anti-dumping measures last year. Ultimately, it decided to extend the tariffs on Korea, the EU, the United Kingdom, and Indonesia.
During the imposition of anti-dumping tariffs in 2019, POSCO negotiated with the Chinese side to adjust the export product prices and quantities, receiving exemptions from the tariffs and exporting products to China. In its announcement, China’s Ministry of Commerce explained that if POSCO exports products to China at prices above what it promised to the Chinese authorities, the anti-dumping tariffs will not be imposed.