EU Sets Anti-Dumping Tariffs on South Korean, Mexican Terephthalic Acid Imports
EU Imposes Tariffs to Protect Domestic Producers
Background on Terephthalic Acid and PET Production
BRUSSELS, Aug 10 (Reuters) - The European Union imposed on Monday tariffs on terephthalic acid - a raw material used to make a common sort of plastic known as PET - made in South Korea and Mexico to protect producers in Belgium, Poland and Spain.
Details of the Anti-Dumping Duties
The so-called anti-dumping new duties were set at a range between 6.1% and 13.3% on the commodity made in South Korea and at 24.1% on the chemical made in Mexico, the EU Commission said in a statement on Monday.
Economic Impact and Market Significance
"Terephthalic acid is a strategic commodity for the EU," it said, adding the EU market is worth some €1.4 billion ($1.62 billion) and producer off the commodity directly employ about 600 people in the three EU countries.
Currency Exchange Rate
($1 = 0.8655 euros)
(Reporting by Inti Landauro; Editing by Sudip Kar-Gupta)
