15 May 2009 16:31 [Source: ICIS news]
SEOUL (ICIS news)--The ASEAN (Association of South East Asian Nations) countries accounted for more than a fifth of China's phenol imports in the first quarter of the year from a measly 3.48% in the same period last year, helped by the implementation of zero tariff on exports to the mainland, market sources said on Friday.
China had taken in 21.67% of its phenol requirements from the ASEAN region in the January-to-March period, they said.
“We see more imports from ASEAN countries because these cargoes enjoy zero ADD (anti-dumping duties) and import tariff,” said a regional producer on the sidelines of the 9th Asia Petrochemical Industry Conference (APIC '09) in South Korea.
The 5.5% duty charged on phenol cargoes entering the mainland’s ports from ASEAN countries was removed from 1 January 2009 in accordance with the ASEAN-China free trade agreement.
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Based on official data, China had significantly reduced its dependence on US phenol, importing just 0.026 tonnes in the March quarter 2009 from from 9,731 tonnes in the same period a year earlier.
“The market for
The two-day APIC conference runs from May 14-15.
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