South Korea will extend anti-dumping duties on polyethylene terephthalate film from China and India for three years to protect local manufacturers, the finance ministry said Thursday.
The decision, based on recommendations made by the country's trade watchdog, Korea Trade Commission, in March, calls for anti-dumping duties of 5.87%-25.32% to be slapped on PET film from the two Asian countries.
South Korea had previously imposed anti-dumping duties of 5.67%-25.32% on PET film from both countries, effected October 27, 2008, for three years. After these tariffs ended in October 2011, the commission conducted a probe and concluded that local manufacturers were affected by unfair price cutting by the Asian rivals.
PET film is widely used in packaging wrappers, bottle caps and has various other industrial applications.
The local PET market was worth Won 918.2 billion ($808.3 million) in 2010, according to the industry ministry.
Earlier Thursday, the trade watchdog, said it will extend anti-dumping duties on polyester yarn products from China and Taiwan by two years. A duty of 6.26% will be slapped on polyester filament partially oriented yarn, or POY, imported from the two Asian countries, for another two years, it said.
The anti-dumping duties will take effect after the finance ministry approves the protection measure, which is expected within 50 days.
