South Korea’s trade watchdog said on Thursday that it had decided to impose 43.58 per cent anti-dumping tariffs on an industrial solvent from Saudi Arabia.
The watchdog said that tariffs on an industrial solvent over the next five years cited substantial damage to the South Korean industry.
In June last year, Lotte Chemical Corp. filed a petition with the Korea Trade Commission, claiming that cheap imports of butyl glycol ether have hurt its business.
After a yearlong probe, the commission ruled that Lotte Chemical suffered substantial damage a decline in profits and lower market prices of the industrial solvent.
It said this was due to cheap imports from Sadara Chemical Co, a joint venture between Saudi Aramco and U.S. firm Dow Chemical.
South Korea’s finance minister is set to make a final decision based on the commission’s ruling by August, it added.
(NAN)