RoK extends anti-dumping probe
The Korea Trade Commission (KTC) has extended its anti-dumping investigation against ferroalloy imported from Vietnam, Ukraine and India and will arrive at a final decision on October 1 this year instead of August 1 as per the previous deadline.
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The information was revealed by the Vietnam Trade Office in the Republic of Korea (RoK).
The items under investigation are imported ferro-silico-manganese products under the HS code: 7202.30.0000.
On December 7, 2016, the KTC initiated an anti-dumping investigation on ferroalloy imported from Vietnam, Ukraine and India at the request of companies Dongbu Metal, Simpac Metal, Simpac Metalloy and Taekyung Industrial.
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| Manganese alloys are mostly used in steelmaking and foundry activities. (Photo: eramet.com) |
Earlier, an investigation into dumping and material injury issues had been scheduled from July 1, 2015, to June 30, 2016, and from January 1, 2013, to June 30, 2016, respectively.
After four months of investigations, the KTC arrived at a preliminary conclusion that there was enough evidence of anti-dumping practices and substantial damages to the Korean industry.
The KTC said it would recommend that the Finance Ministry levy punitive duties of 6.08 - 32.32 percent on ferro-silico-manganese products imported from these three countries, for underselling and causing damage to the local industry.
The tax rate for Vietnam is expected to be 7.48 percent.
The alloy made of iron, silicon and manganese is a key ingredient for manufacturing steel, the Korean antitrust agency said.
The Korean market for the alloy was estimated at 230,000 tonnes in 2015, worth 250 billion won (220 million USD). Products imported from Vietnam, India and Ukraine accounted for nearly 40 percent of the market.
This June, the KTC conducted on-site investigations of Vietnamese enterprises.
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(Source: VNA)
