This undated file photo provided by Hyundai Steel Co. shows H-shaped structural steel beams. (Hyundai Steel)
South Korea's trade commission decided Thursday to uphold the existing anti-dumping tariff on imported Chinese H-shaped steel beams.
The move will extend the anti-dumping tariff, which has been in force since July 2015, by another five-year period, according to the Ministry of Trade, Industry and Energy.
H-shaped structural steel beams are widely used in building large structures. The domestic market for the product was estimated at 2.2 trillion won ($2 billion) in 2019, or 2.8 million tons.
South Korean steelmaker Hyundai Steel Co. and Dongkuk Steel Mill Co. have been claiming that Chinese products will have an adverse impact on local industries.
South Korea plans to continue to slap tariffs of around 28.23 percent to 32.72 percent on Chinese firms, except for three suppliers that ship steel at pre-fixed prices.
The finance ministry is set to make the final decision by May this year. (Yonhap)