Seoul extends anti-dumping duties on ethyl acetate imports

28/03/2012 12:00 - 455 Views

SEOUL, March 26 (Yonhap) -- South Korea's finance ministry said Monday that it will extend anti-dumping tariffs on ethyl acetate solvents imported from China, Singapore and Japan by an additional three years to protect local manufacturers from damage.

Punitive duties of 3.14-14.17 percent will be slapped on products from the three Asian countries up till March 26, 2015, the ministry said.

The decision comes after the Korea Trade Commission recommended extending anti-dumping duties in January after local companies called for protection from unfair price cutting by foreign rivals. Seoul had imposed duties of 5.81-14.17 percent on ethyl acetate products cited for distorting fair market prices since August 2008.

Ethyl acetate is an industrial solvent mostly commonly used in paint, glue and nail polish. Domestic demand for the chemical reached about 117.9 billion won (US$103.8 million) in 2010. South Korean companies currently retain a 44 percent market share.

Source: english.yonhapnews.co.kr