South Korea's trade commission said Thursday that it has decided to recommend a three-year extension of anti-dumping duties on imports of stainless steel bars from Japan, India and Spain.
Under the latest extension, Japanese and Spanish products will be subject to an anti-dumping tariff of 15.39 percent with those from India subject to tariffs ranging from 2.76 percent to 15.39 percent, according to the Korea Trade Commission.
South Korea has been imposing anti-dumping tariffs, ranging from 3.33 percent to 15.39 percent, on stainless steel bar imports from the three countries since July 2004.
"Some damages to the local industry have been repaired since the country began imposing anti-dumping tariffs, but the commission has decided that such damages may recur once the anti-dumping tariffs are terminated when considering the production capacity of Japan and India, which account for about 45 percent of global supplies," the trade commission said in a press release.
The commission's recommendation to extend anti-dumping tariffs on stainless steel bar imports will soon be conveyed to the country's finance ministry, which holds the power to levy tariffs.
In 2012, the local market for stainless steel came to about 503 billion won ($451.7 million), according to the trade commission. (Yonhap News)