By admin       2018-02-23

The Ministry of Commerce of the People's Republic of China announced that antidumping duties of 5 to 10.7 percent would be implemented on styrene monomer from South Korea, Taiwan, and the US, with effect from February 13. In a preliminary decision, authorities concluded that imports of SM from the three origins have caused substantial damage to the domestic market. The ADD will be temporarily implemented in the form of a deposit. The deposit will be calculated as the levy rate of the dutiable value of the goods, with the VAT (value-added tax) rate added on top of that. Importers are required to pay cash deposits to China's General Administration of Customs, according to the company from which the cargo is produced. The levy to be imposed on cargoes from South Korea ranges from 7.8% to 8.4%, while cargoes from the US will have a deposite of 9.2-10.7% levied. Cargoes of Taiwan origin have an deposite of 5%. Country/region Company Levy South Korea Hanwha Total 7.80% South Korea Yeochun NCC 7.80% South Korea Lotte Chemical 8.40% South Korea LG Chem 8% South Korea SK Global Chemical 8.00% South Korea All others 8.40% Taiwan, China Taiwan Chemical Fiber Co. 5.00% Taiwan, China All others 5.00% United States Lyondell Chemical 9.20% United States Westlake Styrene 10.70% United States INEOS Styrolution 9.60% United States Americas Styrenics 9.60% United States All others 10.70

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