The Ministry of Finance (MOF) has issued a final decision finding steel exporters from six countries, including China and South Korea in violation of Taiwan's anti-dumping rules by selling their products at unfairly low prices in the local market.
The MOF said that the ministry has sent the steel dumping decision to the Ministry of Economic Affairs (MOEA), which is expected to make a decision on damage caused by these steel vendors from the six countries.
In addition to China and South Korea, the MOF's final decision also listed firms from Indonesia, India, Brazil and Ukraine, according to the ministry.
After the MOEA's decision on damage caused, the MOF said, it is expected to impose anti-dumping tariffs, ranging between 4.02 percent and 80.5 percent, on the companies no later than in February. The financial punishment will last for five years, the ministry said.
The decision comes after two motions on anti-dumping accusations were filed by six steel makers in Taiwan, including China Steel Corp. (??) and Yieh Phui Enterprise Co. Ltd. (??), the MOF said.
One accusation said that vendors on certain flat-rolled steel products plated or coated with zinc or zinc-alloys from China and South Korea dumped their products at unfairly low prices in Taiwan.
The other accusation pointed out that exporters on carbon steel plates from Brazil, China, India, Indonesia, South Korea and Ukraine violated Taiwan's anti-dumping law.
Hsieh Ling-yuan (???), deputy director-general of the MOF's Customs Administration, said that after an investigation into the accusations, the ministry has found that exporters from the six countries did violate Taiwan's anti-dumping rules.
According to statistics compiled by the Customs Administration, the six countries sold a total of NT$11.55 billion (US$362 million) worth of steel products to their Taiwan customers in 2015.
China accounted for 67.3 percent of Taiwan's imports of steel plates coated with zinc or zinc alloys to become the largest supplier of those products here last year, while South Korea made up 34.2 percent of Taiwan's imports of carbon steel, making itself the largest vendor of that product to the Taiwan market, the data showed.
Among the steel vendors from the six countries, POSCO of South Korea is likely to face the lowest anti-dumping tariff of 4.02 percent, while other South Korean firms could be imposed the highest penalty of 80.5 percent, the MOF said.
For its part, the MOEA said that its International Trade Commission will conduct a survey, hold hearings and launch a probe over the next 40-60 days to determine the damage caused by dumping.
The MOEA said that during this period, any related persons to the two cases are allowed to file their motions to express opinions on the dumping accusations before the commission makes a decision on the damaged caused.
The commission is comprised of 12 commissioners: four from the government and eight who are either from the academic circle or are international trade experts.
Source: Focus Taiwan News Channel