South Korea's steel makers, struggling with competition from global peers and heavy tariffs in export markets, have lodged a complaint against Japan, India and Spain for alleged dumping of stainless steel bars.
The complaint was lodged with the ministry of commerce, an official at one of the steel companies said on Thursday. It could lead to the imposition of punitive tariffs on imports as was the case when similar action was taken against Russian steel imports in 1997.
"The imported (stainless bars) are so cheap, around by 20-30 per cent lower than domestic products on average and have been dominating our market," said Lee Byoung-hoon, who works in the sales department of Kumkang
Kumkang and four unlisted specialty steel makers jointly submitted the complaint to the Korea Trade Commission under the auspices of the commerce ministry, Lee said.
Lee said a preliminary ruling on the issue was expected in two months. The ministry declined comment.
Imported stainless bars from the three countries currently make up 30 per cent of the local market and are used in machinery parts, including valves and shafts.
South Korea and other major steel exporters filed a complaint with the World Trade Organisation soon after the United States slapped up to 30 per cent tariffs on a range of imported steel products in March last year.
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