China has reportedly announced that it will extend anti-dumping duties on steep products imported from South Korea, Japan and the European Union(EU) for five years.

According to Reuters, China's Commerce Ministry said in a statement on Friday that it will extend the duties on grain oriented flat-rolled electrical steel imported from the countries and the EU. 

The five-year extension on the duties will reportedly begin from July 23. 

China's anti-dumping rates are set at 39-point-three percent for imports from South Korea and 39 to 45-point-seven percent for Japanese products and 46-point-three percent for EU firms.

China reportedly launched a fresh anti-dumping investigation in July last year immediately after their expiration. 

Chinese steelmakers have been claiming that lifting the tariffs would lead to further dumping and hurt the domestic steel industry.