20 November 2013 14:38 [Source: ICIS news]
DUBAI (ICIS)--The anti-dumping duty imposed on petrochemical firm Saudi Arabian Methanol Chemicals Co (Chemanol) on acetone exports to India has been cut to $11.22/tonne from $145.29/tonne, the company said on Wednesday.
“Methanol Chemicals Company is pleased to announce to its shareholders that the Indian authorities have reduced the anti-dumping duties imposed on its products,” the company said in a statement to Saudi stock exchange.
“It is hoped that this action will result in exporting company’s products to the state of India,” it added.
Indian trade ministry had launched the probe in last July as four local companies including state-run Hindustan Organic Chemicals Ltd, complained that cheap acetone, also known as dimethyl ketone imports had hurt domestic firms. Names of three other Indian companies have not been disclosed.
Chemanol’s acetone exports were under investigation, along with some Chinese companies based in Taipei, Taiwan. The period under investigation was from April 2012 to March 2013.
Acetone is used for paints, cleaning fluids and adhesives among others. It is an intermediate feedstock for acrylics and Bisphenol A (BPA).
Chemanol manufactures methanol derivatives, such as aqueous & urea formaldehydes, formaldehyde derivatives, super plasticizers and various amino resins.
Last week, the Saudi trade ministry in a Twitter message claimed that the Indian authorities had dropped the anti-dumping investigation on request from the exporting country.
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