South Korea Imposes Provisional Tariffs on Chinese Steel Plates

South Korea is set to impose provisional anti-dumping duties on heavy steel plate imports from China, with tariffs ranging from 27.91% to 38.02%. This decision follows an investigation initiated in October 2024 after complaints from local companies about an influx of low-cost steel from China. The duties, which are the largest ever recorded in similar investigations, aim to protect the domestic industry from potential harm due to dumped imports. In 2024, China accounted for 49% of South Korea's steel imports, valued at $10.4 billion. The imposition of these tariffs is also contextualized by broader trade dynamics, including Indonesia's recent extension of anti-dumping duties on hot rolled coils from several countries. This move marks a significant shift in South Korea's trade policy concerning Chinese steel products.