Sejong, July 10 (IANS) South Korea’s finance ministry said Friday it has decided to impose anti-dumping tariffs on polyvinyl chloride (PVC) paste resin products from four European nations starting next month on grounds they were imported below fair prices.
Under the decision, South Korea will impose anti-dumping tariffs of 25.79 per cent to 31.55 per cent from next month to August 2031 on the products imported from Germany, France, Norway and Sweden, according to the Ministry of Finance and Economy, reports Yonhap News Agency.
PVC paste resin refers to fine-particle resin widely used in interior building materials and other industrial goods, such as wallpapers and gloves.
The decision came after South Korean chemical firm Hanwha Solutions Corp. filed a complaint against a number of European exporters in July last year.
The country’s trade commission launched an investigation the following month and recommended the finance ministry impose anti-dumping duties in June of this year.
“The government plans to continue monitoring products imported at low prices that cause disruptions in the domestic market, protect our industries from dumping activities and establish a fair competition environment,” the ministry said.
Meanwhile, South Korean stocks traded sharply higher Friday morning, driven by a semiconductor rally.
After opening 3.57 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 250.6 points, or 3.48 percent, to 7,545.51 as of 11:20 a.m.
The rise comes as U.S. stocks closed higher in overnight trading, buoyed by a strong rebound in semiconductor shares and easing oil prices.
The Dow Jones Industrial Average gained 0.27 percent, while the S&P 500 rose 0.81 percent. The tech-heavy Nasdaq Composite climbed 1.3 percent.
In Seoul, blue chip shares led the early run.
Market bellwether Samsung Electronics advanced 3.78 percent, while its chipmaking rival SK hynix also edged up 0.91 percent.
–IANS
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