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China slaps anti-dumping tariffs on Taiwan petrochemical products

2018/06/23 19:23:49

Image taken from Pixabay

Taipei, June 23 (CNA) China's Ministry of Commerce (MOC) has imposed anti-dumping tariffs on imports of styrene from Taiwan, South Korea and the United States, with effect from Saturday, after it was determined they had been selling the petrochemical product at unfairly low prices in the Chinese market.

In an announcement on its website on Friday, the ministry said styrene from the three exporters had imposed material injury on China's petrochemical market.

The tariffs on styrene imports, ranging from 3.8 percent to 55.7 percent, will remain in place for five years, starting June 23, the ministry said.

It is the first time in eight years that China has imposed anti-dumping tariffs on products from Taiwan.

Formosa Chemicals & Fibre Corp., the mandatory Taiwan respondent in the case, has been slapped with a 3.8 percent tariff, while other styrene companies in Taiwan will face 4.2 percent.

The tariffs on American companies were much heavier, ranging between 13.9 percent and 55.7 percent, while those on South Korean firms were 6.2 percent to 7.5 percent.

China launched an investigation last year into styrene imports from the three economies and issued its final ruling on Friday.

Styrene is primarily used in the production of resins and polystyrene plastics.

According to data from China Customs, South Korea was China's largest supplier of styrene in 2017, selling US$1.43 billion worth of the product and accounting for 35.56 percent of China's total styrene imports.

The U.S., meanwhile had a 9.35 percent share that amounted to US$375 million and ranked third, while Taiwan accounted for 7.19 percent with a value of US$288 million, making it China's fourth biggest styrene supplier last year, according to the data.

Saudi Arabia was at the second place, selling US$824 million worth of styrene to China, representing a 20.57 percent of the market, the data showed.

(By Liao Yu-yang and Frances Huang)
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