July 30, 2007

South Korea halts antidumping probe into Argentina, US soybean oil
 

The Korea Trade Commission said Monday (Jul 30) it has halted its antidumping investigation on soybean oil imported from Argentina and the US after domestic food companies dropped charges against them.

According to the commission, the probe had been conducted for nine months.

The commission did not say why they were dropping the complaint.

The trade commission started looking into soybean oil imports after domestic companies, including CJ Corp., Samyang Corp. and Shindongbang Corp., lodged a formal complaint on Aug 28, 2006, Yonhap News Agency said.

Soyoil imports from Argentina, the US and Brazil account for about 58 percent of the South Korean market, with the rest controlled by domestic companies, Yonhap said.

In March, the trade body, under the Ministry of Commerce, Industry and Energy, slapped provisional antidumping duties of between 21.07 percent and 23.48 percent on soybean oil from Argentina and 4.69 percent on US imports, Yonhap said.