South Korea to Appeal WTO Ruling on Japanese Stainless Steel Bars
South Korea has decided to appeal the World Trade Organization's ruling that South Korea partially violated anti dumping rules when imposing tariffs on Japanese stainless steel bars. Ministry said "Until a final decision is made under the dispute-settlement procedure at the WTO, South Korea will maintain anti-dumping measures on Japanese stainless steel bars.”
A Dispute Settlement Unit of the World Trade Organization ruled against South Korea's extended imposition of an antidumping tariff on Japan-made stainless steel bars and called on Seoul to take remedial measures. The panel upheld Japan's claim that its products are not being dumped as they are priced higher than those made by South Korean companies and cheaper Chinese products are already on the country's market. It judged that South Korea's move to protect its domestic industry was flawed and against WTO rules on antidumping duties.
Japan had filed a lawsuit against South Korea in 2018, claiming that it has unreasonably imposed anti-dumping tariffs on the products. South Korea has been imposing anti dumping tariffs on stainless steel bars imported from Japan, India and Spain since July 2004. Last month, South Korea's trade commission made a preliminary decision to extend the anti-dumping tariffs on steel bars from the three countries.
Stainless steel bars are utilized in making auto parts, medical instruments, construction materials and other industrial goods. The size of the South Korean market for the products was estimated at around KWR 400 billion (USD 362 million), or 100,000 tonnes, in 2018.