South Korea may end its six-year antidumping measures against Chinese pigments as their prices have risen enough to pose little threat to local competitors, Seoul's trade commission said Thursday.

The decision to end the antidumping tariffs on Chinese anatase titanium dioxide used in paint and plastic goods was reached at a meeting of the Korea Trade Commission (KTC) on Wednesday.

South Korea began slapping punitive duties of 4.82-23.08 percent on the Chinese product in 2005. It reset the duty rates to

4.86-23.08 percent in 2008 and has since been imposing additional tariffs on the pigments, also used in producing sunscreens and paper.

"The trade commission decided that since its antidumping measures were taken, the profitability of local companies has gone up with their stocks steadily decreasing," the KTC said in a press release.

"In addition, it decided there will be little chance of damage to the local industry even when its punitive measures end as a shortage of supply in the global market has led to a rise of prices in China."

The commission's decision will be referred to the Finance Ministry, which will make a final decision within 50 days of receiving the request to end the punitive measures, according to the KTC.

The domestic market for the chemical substance reached 30 billion won (US$28.4 million) in 2009, it said.