MOC: U.S., EU being investigated for phenol dumping

Updated 2018-03-26 12:16:03

China has launched an anti-dumping investigation into imports of phenol from the U.S., the EU, the Republic of Korea, Japan and Thailand, China's Ministry of Commerce (MOC) said in a statement on Monday.

The investigation starts Monday and should be completed by March 26, 2019, but can be extended until September 26, 2019.

Phenol is a derivative of benzene, which is produced from petroleum.

The investigation comes following an official complaint by seven Chinese petrochemical companies, with the first few months of this year seeing turbulence in the price of benzene.

The Republic of Korea accounted for 33 percent of Chinese phenol imports in the first three quarters of 2017, followed by the US with 26 percent, according to the International Chemical Information Service (ICIS).

A report by ICIS in June last year quoted a source as saying U.S. producers were "consistently moving phenol into Asia," at prices between 44 and 88 US dollars per ton below market value. The source told ICIS "Asian producers are not happy with this trend."

Benzene prices hit a peak of 951 U.S. dollars per ton on January 19, before a sharp 2.1 percent fall to around 890 U.S. dollars per ton last month.

On March 20, China's MOC confirmed the results of an anti-dumping investigation into imports of Methyl Isobutyl Ketone (MIBK), declaring companies from the ROK, Japan and South Africa had caused damage to China's domestic MIBK industry.

As a result of the investigation, the MOC put tariffs as high as 190.4 percent on imports of MIBK from Japan, as well as levies as high as 34.1 percent and 32.3 percent on imports from South Africa and the ROK respectively.

China in 2016 imported 48.5 million U.S. dollars' worth of MIBK, which is an important component in producing paints, rubber, pharmaceuticals and other chemicals.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 20 2019 17:27:06

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 20 2019 17:27:06

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 20 2019 17:27:06

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords