South Korea’s trade watchdog plans to propose to the government the introduction of antidumping duties on Chinese steel wire products. 

The Korea Trade Commission held a meeting on Thursday and decided to recommend to the Strategy and Finance Ministry that it levy eight-point-six percent duties on galvanized low carbon steel wire imports from China over the next five years, judging the Chinese imports injured the domestic industry. 

The size of the local market for galvanized low carbon steel wire is around 100 billion won, and Chinese imports account for around 70 percent of it. 

The commission also decided to propose the ministry extend antidumping duties for five more years on ethanolamine imported from the U.S. Malaysia, Thailand and Japan, ranging from 12-point-64 percent to 21-point-79 percent. 

The ministry will review the commission’s proposals and make final decisions within 12 months.