South Korea launches anti-dumping investigation into imports of hydrocarbon resins from China

South Korea South Korea: South Korea has launched an anti-dumping investigation into imports of hydrocarbon resins from China and Taiwan, informed sources said on Sunday. The local company has claimed that cheap imports from these countries are harming the local industry. According to sources, the Korea Trade Commission of the Ministry of Trade, Industry and Energy recently launched an investigation into four Chinese companies and three Taiwanese companies following a petition by Cologne Industries Inc. The South Korean industrial materials firm claimed that it has suffered losses due to the supply of low-priced products from Chinese and Taiwanese companies. Cologne Industries
Cologne Industries alleged that the dumping margin for the Chinese and Taiwanese companies was 15.52 percent and 18.52 percent, respectively.
Hydrocarbon resins, also known as petroleum resins, are a material processed from by-products generated during the cracking process of naphtha. It is used to impart viscosity and adhesiveness to products such as paints and adhesives, and serves as a key raw material for both industrial and general consumer goods. South Korea currently imposes a basic tariff rate of 8 percent on hydrocarbon resins. However, under the free trade agreement with China, Chinese products are imported duty-free. “Given the decline in operating profit margins in the domestic trade sector of the South Korean industry, it cannot be said that the damage is negligible,” the trade commission said. The commission will make a preliminary decision on the case within a maximum period of five months and reach a final conclusion within an additional maximum period of seven months.