South Korea Acts Against Dumping of PVC Paste Resin

South Korea's finance ministry said on 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 percent to 31.55 percent from next month to August 2031 on the products imported from Germany, France, Norway and Sweden, according to the Ministry of Finance and Economy.

PVC paste resin refers to fine-particle resin widely used in interior building materials and other industrial goods, such as wallpapers and gloves, reports Yonhap news agency.

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 closed higher on Friday, extending their winning streak to a second consecutive session, as semiconductor shares rallied following overnight gains on Wall Street. The local currency gained ground against the U.S. dollar.

After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) added 184.03 points, or 2.52 percent, to close at 7,475.94.

Trade volume was moderate at 449.53 million shares worth 31.16 trillion won ($20.73 billion), with gainers far outnumbering losers 799 to 92.

Institutions purchased a net 1.13 trillion won worth of shares, while individuals and foreigners sold a net 772.82 billion won and 322.56 billion won, respectively. Foreign investors turned net sellers after two consecutive sessions of net buying.