South Korea to impose provisional anti-dumping duty on stainless steel CR coils from Vietnam

SteelDaily: On 17 October, South Korea's Trade Commission announced a preliminary judgement in its anti-dumping investigation into cold-rolled (CR) stainless steel products from Vietnam, confirming a causal link between dumped imports and harm to the domestic industry. It recommended a provisional anti-dumping duty of 3.66-11.37% to mitigate potential damage during the ongoing investigation.

Rumours about Vietnam's Yongjin receiving a provisional tariff in the 3% range were confirmed, with the rate set at 3.66%. In contrast, TVL, a narrow-gauge manufacturer, faced a higher rate of 11.37%. The imposition of these tariffs is expected to take about a month, as the Trade Committee will first recommend measures to the Ministry of Strategy and Finance, which will then gather opinions before making a public announcement.

POSCO expressed concerns that the final tariff rates may exceed the preliminary ones as the investigation continues. While preliminary and final tariffs often remain similar, adjustments can occur based on new evidence or changes in calculation methods. The urgency for provisional measures stemmed from fears of a flood of low-priced imports if immediate action was not taken.

The lower-than-expected tariff rates have left the market in confusion, but the proposed measures are likely to temper import activity from Vietnam for now. Despite ongoing challenges in the stainless steel sector and an uncertain recovery in demand, the provisional measures set for November may provide a much-needed stabilising effect, allowing companies to adjust inventory levels.

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