12 February 2009 04:39 [Source: ICIS news]
(updates with details throughout)
SINGAPORE (ICIS news)--China will start investigations into alleged dumping of purified terephthalic acid (PTA) into the country by South Korean and Thai suppliers, its Ministry of Commerce (MoC) said on Thursday.
The ministry statement posted on its website said the investigations started today and would end in a year’s time.
If necessary, the probe could be extended by another six months to 12 August 2010, it said.
No provisional anti-dumping duties (ADD) would be imposed during the investigation period, said a ministry official who declined to be named.
“The [ADD] would be imposed only if the investigations proved that dumping had taken place and we’ve decided how much duties to impose,” said the official.
Prevailing import duties would apply until an ADDs, if any, are announced, he added.
The duties to be imposed would likely vary from company to company, the source said.
Chinese producers Hualian Sunshine Petrochemical, Yisheng Petrochemical and Xiang Lu Petrochemical submitted a request to carry out the investigations on 12 December last year, the ministry said.
Liaoyang Petrochemical and Oriental Petrochemical (?xml:namespace>
PTA spot prices were currently at $795-805/tonne (€612-620/tonne) CFR China, up $35-45/tonne from the previous week’s close due to strong demand.
There are six PTA producers in Korea, namely, Samsung Petrochemical, Sam Nam Petrochemical, SK Petrochemical, Taekwang Industrial, Hyosung and KP Chemical.
($1 = €0.77)
Dolly Wu contributed to this article
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