The Ministry of Finance yesterday said it would levy stiff anti-dumping duties on select cold-rolled stainless steel products from China and South Korea, citing damage to the local steel sector.
Duties ranging from 20.18 percent to 38.11 percent are to be slapped on such products for a period of five years, which would be retroactive to Aug. 15 last year and carry through Aug. 14, 2018, ministry officials said in a statement.
The ministry’s decision to impose the punitive duties came in response to a complaint filed by Taiwan’s Yieh United Steel Corp (燁聯鋼鐵) and Tang Eng Iron Works Corp (唐榮鐵工廠).
In August last year, the ministry decided to impose provisional anti-dumping duties on the products from China and South Korea, after initial investigations found they were sold unfairly in Taiwan’s market and harmed local manufacturers.
After that, the Ministry of Finance and the Ministry of Economic Affairs’ International Trade Commission (ITC) conducted further investigations which concluded that the cheap imports had undercut the competition in Taiwan.
Data offered by the ITC showed that Chinese and South Korean exporters had increased their market share from 4.9 percent in 2009 to 15.3 percent in 2012 among the total imports of these products, while the market share of Taiwanese steel companies dropped to 78.3 percent in 2012, from 87.2 percent in 2009.