South Korea is seeking to implement tariffs on some Chinese steel and producers on concerns over an influx of cheaper products flooding the market, following a similar measure from the Trump administration.

Existing American tariffs already restrict steel and aluminum shipments from China, which is now flooding other markets with its exports instead.

South Korea's industry ministry said on Thursday it has provisionally decided to impose up to 38% tariffs on Chinese steel plate imports after an investigation into alleged dumping of the steel product used in shipbuilding and construction.

President Donald Trump on Monday imposed a 25% tariff on all steel and aluminum imports into the United States with no exceptions or exemptions.

BlueScope says it would benefit from Trump’s proposed steel tariffs, but is wary of the dumping of Chinese steel and the potential threat of imports to Australia.

South Korea's trade watchdog on Thursday made a preliminary decision to impose antidumping tariffs on Chinese thick steel plates after its initial investigation identified potential damage to the domestic industry.