05 December 2008 08:13 [Source: ICIS news]
By Chow Bee Lin
SINGAPORE (ICIS news)--Chinese petrochemical majors Sinopec and PetroChina have lodged a complaint with the Ministry of Commerce against South Korean exports, seeking an anti-dumping (AD) investigation on a range of petrochemical products, a Sinopec source said on Friday.
“The complaint is directed at a range of Korean products, including polymers and aromatics,” the source said.
He declined to reveal the full list of products implicated.
“It’s possible that an investigation will be initiated and subsequently implemented, as both the companies are major suppliers in
But the news has sparked concerns among some Chinese importers whose main supply comes from
“This is not good news for the importers,” said a second east China-based trader of toluene and mixed xylenes. “This would obviously have a big impact on our businesses,” he added.
Chinese purified terephthalic acid (PTA) producers such as Sinopec, Hualian Sunshine Petrochemical, Xiang Lu Petrochemical and Yisheng Petrochemical have earlier lodged a similar complaint against Korean PTA imports as prices fell sharply in a span of just about five months.
PTA prices were at $570/tonne (€450/tonne) CFR (cost and freight)
Investigations are understood to be ongoing with no clear verdict.
Paraxylene, the feedstock for PTA, was not included in any anti-dumping complaints, said a Sinopec source.
($1 = €0.79)
Mahua Chakravarty and Salmon Aidan Lee contribued to this article.
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