FX.co ★ Japan Probes Dumping of Chinese, South Korean Steel Products

Japan is set to examine allegations that steel products originating from China and South Korea are being offered at prices below the market rate. This comes after a request from four prominent domestic steel manufacturers. On Wednesday, the finance and trade ministries announced their intention to assess whether there is a need to impose anti-dumping duties on imports of hot-dipped galvanized steel coil, sheet, and strip. These materials are extensively used in construction, particularly for guardrails and fencing. The complaint was lodged in April by Nippon Steel Corp., Nippon Steel Coated Sheet Corp., Kobe Steel Ltd., and Yodogawa Steel Works Ltd. They claimed that excess steel from China and other regions is being sold in Japan at prices significantly lower than those of domestic products, compelling local companies to reduce their prices. The investigation is anticipated to be completed within a year.