BEIJING (Sputnik) – China is introducing anti-dumping duties, which are expected to come into force on Monday, on imports of phenol, a chemical compound used to produce some antiseptics and medicines, from the United States, the European Union, Japan and Thailand, the Chinese Commerce Ministry said in a statement.
The investigation found that “these five countries and regions imported phenol to China at rock-bottom prices, causing considerable material damage to the corresponding sector of the Chinese economy,” according to the statement.
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The ministry said that, starting from Monday, May 27, companies importing phenol to China would have to pay the corresponding duty deposits, ranging from 11.9 percent to 129.6 percent, depending on the markup factor.
The decision comes following an anti-dumping investigation into imported phenol from the above-mentioned countries, which was launched last March after the Commerce Ministry received an inquiry from domestic manufacturers, who accused foreign producers of dumping phenol on the Chinese market at prices below its fair value.