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Taiwanese firms file complaints on Korean stainless steel products

HONG KONG -- Taiwanese steel manufacturers have filed anti-dumping complaints on South Korean stainless steel products, saying they are sold at excessively low prices, South Korea's trade agency said Monday.

Taiwan's leading stainless steel makers Yieh United Steel Corp. (YUSCO) and Tang Eng Iron Works Co. submitted complaints to the country's ministry of commerce, claiming South Korean products are sold at US$150 to $200 cheaper per ton than their own products, the Korea Trade-investment Promotion Agency (KOTRA) said.

They alleged steelmakers from China, Vietnam and Thailand are also selling products at very low prices.

It will take about 40 days for the Taiwanese government to decide whether to launch an anti-dumping investigation, KOTRA said.

KOTRA officials said Taiwan's domestic market has been experiencing a glut of stainless steel.

YUSCO and Tang Eng are selling only about a half of their output within Taiwan.

According to KOTRA, YUSCO and Tang Eng produce 1 million tons and 25,000 tons respectively.

Their sales in the second quarter of this year fell about 15 percent, due to the sluggish domestic demand, the KOTRA officials said.

The prices of stainless steel have been dragged down largely by the falling price of nickel, one of the elements used to make stainless steel.

With more Chinese makers entering the market, the global stainless steel industry has become more competitive, industry watchers said. (Yonhap News)