South Korea imposes provisional anti-dumping duties on Chinese PET resins
The anti-dumping investigation, initiated by the South Korea Trade Commission on 12 January 2024, followed a petition from TK Chemical Co., Ltd., a prominent South Korean company. TK Chemical alleged that Chinese PET resins were being sold at unfairly low prices, harming the local industry.
PET Bottle
On July 30, 2024, the Ministry of Strategy and Finance of South Korea issued Announcement No. 2024-32, enacting provisional anti-dumping duties on the import of PET resins (polyethylene terephthalate) from China. This decision, effective immediately and lasting until 29 November 2024, targets products classified under HS code 3907.61.0000.
The anti-dumping investigation, initiated by the South Korea Trade Commission on 12 January 2024, followed a petition from TK Chemical Co., Ltd., a prominent South Korean company. TK Chemical alleged that Chinese PET resins were being sold at unfairly low prices, harming the local industry. The preliminary ruling on 30 May 2024, supported these claims, leading to the recommendation for provisional duties.
The provisional anti-dumping duty rates are as follows:
|
No. |
Producer/Exporter |
Anti-Dumping Duty |
|
1 |
Hainan Yisheng Petrochemical Co., Ltd. |
6.62% |
|
Yisheng Dahua Petrochemical Co., Ltd. |
||
|
Hainan Yisheng Trading Co., Ltd. |
||
|
Hainan Hengrong Trading Co., Ltd. |
||
|
2 |
China Resource Chemical Innovative Materials Co., Ltd. |
7.83% |
|
Zhuhai China Resource Chemical Innovative Materials Co., Ltd. |
||
|
China Resources Chemicals New Material Company Limited |
||
|
3 |
Others |
7.12% |
This move is part of a broader trend of protective measures against the import of Chinese PET resin, reflecting similar actions by the United States, Japan, and Europe. The imposition of these duties is expected to significantly disrupt the export dynamics of Chinese PET resins to South Korea. The anticipated outcome includes a decrease in import volumes and a reallocation of market shares within the South Korean PET resin sector.
Written by: Kat Yun Yun
Edited by: Rochelle Nguyen