08 June 2012 09:34 [Source: ICIS news]
The document from the country’s Ministry of Industry and Foreign Trade did not state the reason for imposing the temporary duty.
For Middle Eastern PP resins producers, as well as Egyptian converters, the import duty on PP resins is not a welcome development.
“This is going to hurt our business,” said a PP resins producer based in the Gulf Cooperation Council (GCC).
“The import duty is only implemented on the PP resins imports and not on the finished goods. So, it will be more costly for local converters like us to import and convert the resins. We should just import finished goods and sell,” an Egyptian converter said.
“Based on the current exchange rate, the 15% duty will incur an additional $265/tonne (€209/tonne). This is too much,” he added.
The Middle East is a major exporter of PP resins and finished goods to
($1 = €0.79)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections