South Korea to Impose Anti-Dumping Duties on White Portland Cement from Egypt: Ministry of Industry
South Korea Imposes Anti-Dumping Duties on White Portland Cement from Egypt
South Korea’s Ministry of Industry announced on Thursday that Seoul has decided to impose anti-dumping duties on white Portland cement imported from Egypt and submit a corresponding recommendation to the Ministry of Finance.
Preventing Potential Damage to Local Industry
The Korean Ministry of Industry stated that the Korea Trade Commission has conducted preliminary review procedures and recommended imposing a temporary duty of 72.23% on white cement from Egypt. The purpose of this duty is to prevent potential damage to the local industry caused by these imports. The Ministry of Finance will further investigate the matter.
Background of the Investigation
It is worth noting that the investigation took place after local cement company Union filed a lawsuit in March of last year against Egyptian cement company Royal Minya and Albatross International Cement Trading Company. Union complained that the cheap imports from Egypt had a negative impact on its business and on the South Korean cement industry.
Decision and Further Investigation
The Treasury Department is expected to make a decision on the matter by October of next year. The Korea Trade Commission, under the Ministry of Trade, Industry, and Energy, will conduct further investigation to determine the final tariff rates.
Impact on South Korea’s Market
It is important to note that Union is the only manufacturer of white Portland cement in South Korea, which is commonly used in general construction and finishing works. The ministry predicts that Egyptian white cement will account for 10% (10,000 tons) of South Korea’s market share in 2022.