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Thailand: Steel tariffs extended for two months
The government will extend anti-dumping tariffs on steel pipes from China and South Korea and coiled and uncoiled hot-rolled steel from Brazil, Iran and Turkey until May 15 to protect the local industry.
According to Commerce Minister Apiradi Tantraporn, who chaired a meeting of the anti-dumping and countervailing duties committee earlier this month, the panel agreed to extend the punitive tariffs on steel pipes and hot-rolled steel that were due to expire today. The tariff rates for imported steel pipes from China are quoted at 3.2-66% of cost, insurance and freight (CIF) prices, with the rates for similar products from South Korea levied at 17.2-53.9% of CIF prices.
The punitive rates for coiled and uncoiled hot-rolled steel are charged at 34.4% of CIF prices for imports from Brazil, at 7.4-38.3% for imports from Iran and at 7.1-38.5% for imports from Turkey.
An anti-dumping measure is a trade regulation used by many countries to prevent local industries from being hurt by cheap imports that are “dumped” on the market.
Dumping is when the export price of a good is lower than the domestic price and could signal export subsidies or other procedures enabling lower export prices.
Under Thailand’s legal procedures, local producers must file dumping complaints with the Commerce Ministry against foreign companies whose export price is below the domestic price in their homeland. If the Commerce Ministry finds a price gap, it will start an investigation to determine dumping, which can take several months.
If the investigation determines that dumping did occur, the Commerce Ministry will impose an anti-dumping tariff on imports, normally equal to the price gap.
Mrs Apiradi said Thailand’s punitive tariffs for cheap imported steel passed through a rigid investigation process and conform to the World Trade Organization’s guidance on the matter.
Source: http://www.bangkokpost.com/business/news/1214781/steel-tariffs-extended-for-two-months