EU imposes ADD on PET from UAE, Iran and Pakistan - traders

02 June 2010 08:12  [Source: ICIS news]

Prices of PET, used in plastic bottles, have been soaring in EuropeDUBAI (ICIS news)--The European Commission has imposed a provisional anti-dumping duty (ADD) on polyethylene terephthalate (PET) imports from the United Arab Emirates (UAE), Iran and Pakistan, producers and traders said on Wednesday.

“The result was announced to the producers and [the duty] will be imposed from today [Wednesday],” said a major producer from Iran, unwilling to disclose further details.

According to industry sources, the European Commission besides slapping the ADD also announced the imposition of provisional countervailing duty (CVD), or anti-subsidy duty, at the same time late on Tuesday.

The ADD investigation, which covers the period 1 July 2008 to 30 June 2009, was launched on 3 September 2009 following a complaint by the PET Committee of Plastics Europe.

“The total values [of duties] sum up to €83.64-142.97/tonne ($102-174.35/tonne), depending on the origin of material,” said one UAE-based trader.

In late February, the European Commission also initiated a preliminary review on PET bottle-grade chips imports from Korea’s KP Chemical on possible dumping activities.

“The [PET] producers affected had been bracing themselves for this, and have already been trying to increase the shares in other markets such as Africa, the Middle East as well as Latin America,” said another Dubai-based polymer trader.

“It remains to be seen how this will impact the business and trade-flow in the region,” added a major Pakistani PET bottle-grade chip producer.

($1 = €0.82 )

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By: Yu Guo
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