October 24, 2024 – South Korea and Saudi Arabia Impose Anti-Dumping Measures on Chinese PET Resin and Titanium Dioxide
In a recent move, the South Korean government has announced plans to implement anti-dumping measures on PET resin imported from China. According to a report by CaiLian Press, the Trade Commission of the Ministry of Trade, Industry, and Energy held a meeting on October 17, recommending the Minister of Strategy and Finance to impose anti-dumping duties on Chinese-origin polyethylene terephthalate (PET) resin. The proposed tax rate ranges from 7% to 7.98%, with a potential implementation period of five years. This decision is expected to have a significant impact on the chemical trade between China and South Korea.
The move follows an earlier anti-dumping investigation initiated by the South Korean Trade Commission on Chinese-made PET resin in January 2024. After several months of review, the commission made a positive preliminary determination on May 30 and recommended the imposition of temporary anti-dumping duties. Subsequently, on July 30, the South Korean Ministry of Strategy and Finance announced the decision to impose temporary anti-dumping duties on Chinese-made PET resin for a period of four months, with tax rates ranging from 6.62% to 7.83%. With the confirmation of the new tax rates, the import costs for related companies are likely to be adjusted.
In another international trade development, Saudi Arabia has also launched an anti-dumping investigation into Chinese-made titanium dioxide (TiO2). According to an announcement by the Saudi General Authority for Foreign Trade on October 9, in response to an application from Saudi manufacturers, the authority decided to conduct an anti-dumping investigation on Chinese-origin TiO2. The products under investigation are widely used in various industries, including paints, plastics, inks, and rubber. It is reported that the dumping investigation period for this case is from July 1, 2023, to June 30, 2024, while the injury investigation period dates back to January 1, 2021. Industry sources indicate that the complainant is Saudi Tronox Manufacturing Company, which claims that Chinese-made titanium dioxide has entered the Saudi market at dumping prices, causing substantial damage to the local industry.
According to Color Masterbatch Industry News, Saudi Arabia’s initiation of an anti-dumping investigation against Chinese titanium dioxide marks it as the fifth economy or country, following the Eurasian Economic Union, the European Union, Brazil, and India, to take such measures against Chinese titanium dioxide. Industry experts analyze that this event could trigger a chain reaction, leading other countries and regions to follow suit, thereby exerting short-term export pressure on China’s titanium dioxide industry. At the same time, this also serves as a reminder for domestic enterprises to further strengthen their risk prevention in international trade and actively respond to international trade frictions.