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Commodity Tips, Bad news for Indian, Chinese polyester makers: the US imposes anti-dumping duty
RIL is the largest producer of polyester fiber and yarn in the world, with a capacity of 2.5 million tonnes per annum more than half of almost half of India's overall capacity of 4.5 MT
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On Wednesday, the United States announced an anti-dumping duty on fine denier polyester staple fiber imports from China and India. Reliance Industries is one of the main polyester exporters from India to the US. “US Secretary of Commerce Wilbur Ross announced the affirmative final determinations in the countervailing duty (CVD) investigations of fine denier polyester staple fibre from the People’s Republic of China (China) and India, finding that exporters from China and India received countervailable subsidies of 41.73 to 47.55 percent and 9.50 to 25.28 percent, respectively,” US Department of Commerce said in its statement.
According to a factsheet shared by the US Department of Commerce, in its investigation on India, the department calculated a preliminary dumping rate of 2.66 percent for RIL. Bombay Dyeing & Manufacturing Company was the second Indian company which was made a mandatory respondent to the investigations and was assigned a dumping rate of 21.43 percent, the fact sheet stated.
“The US will no longer sit back and watch as its domestic businesses are destroyed by unfair foreign government subsidies,” Ross was quoted in the statement.
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