S. Korea to slap anti-dumping duties on Chinese, Taiwanese yarn

SEOUL, Jan. 2 (Yonhap) -- South Korea will slap anti-dumping duties on polyester
yarn products from China and Taiwan for the next three years, the government said
Friday.
The Ministry of Strategy and Finance said it has accepted the results of
investigations conducted by the country's trade commission and decided to slap
punitive duties of 2.97-6.26 percent on polyester filament partially oriented
yarn (POY) from the two countries.
The duties are to be levied from mid January and reflect confirmation that
imported POY unfairly undercuts prices, hurting local companies.
"Levying antidumping duties will help protect local companies that have been hurt
by imports and ensure fair competition in the local market," a ministry official
said. He added, however, that two years would be cut from the initial five year
duration for the punitive duties recommended by the Korea Trade Commission (KTC).
The yarns are used extensively in the manufacturing of both clothing and
non-clothing products.
Domestic demand stood at 93,049 tons in 2007, with imports that were seized for
unlawful practices making up 32.6 percent, or 30,331 tons.
A formal investigation by the KTC began in February 2008 after complaints were
lodged by local manufacturers Seong-an Synthetics Co. and TK Chemical Corp.
yonngong@yna.co.kr
(END)