The Finance Ministry has announced that South Korea is going to extend its anti-dumping duty on stainless steel plates from Japan for another three years. The tariff of 13.1-7 percent was first imposed for five years in April 2011, and then extended for another three years until last December.

South Korea originally imposed the tariff because it found the Japanese product was sold here at artificially low prices, disrupting the local market.

The tariff mainly targets those from Japan’s Nippon Steel Stainless Steel, Nippon Yakin Kogyo and JFE Steel.

The local market of such plates is estimated at 300 billion won.