South Korea to levy ADD on Asian etac imports
27 June 2008 12:32 [Source: ICIS news]
SINGAPORE (ICIS news)--South Korea has imposed anti-dumping duties (ADD) on ethyl acetate (etac) imports from China, Japan and Singapore, which would take effect from 1 August for the next three years, China and southeast Asia-based traders said on Friday.
The duties range from 5.81% to 14.17% and were announced this week following an almost yearlong investigation, careful studies of documents, on-site inspections and public hearings.
Sellers of Japanese cargoes – hit with the highest ADD of 14.17% – downplayed the impact of the ADD as exports to South Korea were expected to remain minimal due to a widening price gap on high upstream ethylene values, which hovered above $1,600/tonne CFR (cost and freight) northeast (NE) Asia.
"For us, there will almost be no impact from ADD as we do not export much to Korea since April this year," a Japan-based producer said.
China-based producers, who were hit with the lowest ADD ranging from 5.81% to 7.46%, expected exports to South Korea to continue, as they believed that the sole local producer Korea Alcohol Industrial would not be able to fully meet the demand.
"Korea Alcohol is not able to cater to domestic demand as they could only satisfy around half of the average monthly demand of 7,000 tonnes," a Shanghai-based trader said.
Ethyl acetate is commonly used as a solvent for paint, glue and nail polishes. It can also be used to decaffeinate coffee beans and tealeaves.
Major etac producers in Asia include Celanese in Singapore, Showa Denko in Japan, Jiangsu Sopo, Shanghai Wujing, Shandong Jinyimeng Chemical and Jiangmen Handsome Chemical Development in China.
For more on etac visit ICIS chemical intelligence
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By: Helen Lee
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