China to Scrap Duties on POSCO Electrical Steel Imports

China to Scrap Duties on POSCO Electrical Steel Imports

Liao Shumin

Date: Tue, 06/05/2018 - 17:26 / source:Yicai
China to Scrap Duties on POSCO Electrical Steel Imports
China to Scrap Duties on POSCO Electrical Steel Imports

(Yicai Global) June 5 -- China’s commerce ministry will drop anti-dumping duties on electrical steel imports from South Korea’s POSCO after the world’s fourth-largest steelmaker committed to raising the prices of products.

POSCO’s pledge to apply a price undertaking will help the domestic steel industry to protect itself from market-related changes, the ministry said in a statement today, adding that tariffs will be lifted on June 9 when the price increase comes into effect.

Chinese authorities brought in five-year-long anti-dumping duties on electrical steel imports from South Korea, Japan and the EU in July 2016 following a 12-month investigation.

Editor: William Clegg

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Keywords: Anti-Dumping Tax, POSCO, Minimum Import Price