Ministry of Industry launches investigation into 'pushing out low prices' of Chinese back plates

The government has launched an investigation into whether there is any damage to the domestic industry as China has pushed back a large number of steel plates, which are overproduced in the country, to low-cost exports.

The Trade Commission of the Ministry of Trade, Industry and Energy said it will accept Hyundai Steel's application and launch an anti-dumping investigation into Chinese companies.

According to data from the Korea International Trade Association, China's steel exports rose 15% from last year in the January-April period this year, but export unit prices fell 19%.

As a result, complaints have been accumulated in the domestic industry that it is difficult to do business normally due to low-cost exports by Chinese companies.

The U.S., the European Union, and Mexico have decided to raise tariff rates, believing that low-cost exports of Chinese steel products disrupt their economies.