This is the latest effort from Asia to Europe to curb a rise in cheaper steel exports from China, the world's biggest steel producer grappling with slowing demand and a supply glut .
Korea Trade Commission on Friday accepted the proposal by severn Chinese steelmakers to set a minimum export price for H-beams, used in construction , at about 34 percent higher than average prices in the last quarter of 2014.
If the decision gets a final nod from the finance ministry , the seven makers including Hebei Jinxi iron and Steel Group will be exempt from antidumping duties.The commission in December set preliminary antidumping duties from 17.69 per cent to 32.72 per cent on Chinese H-beam imports, which it said "imposed damage on the domestic industry" by flooding the market with cheaper products.
Chinese H-beams represented 23 per cent or 520 billion won ($475.49 million)of the South Korean market as of 2013. The probe was launched after a petition was filed by South Korea's Hyundai Steel and Dongkuk steel in 2014.