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Insight | Time:Jun 22 2018 1:51PM
China raises antidumping duty on styrene monomer imports from US
 
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On June 22, 2018, the Ministry of Commerce released Announcement No. 43 of 2018, announcing the affirmative final determinations on the anti-dumping investigation against the imports of styrene monomer from South Korea, Taiwan and the United States.

MOFCOM decided to levy anti-dumping duties on styrene monomer starting from June 23, 2018 at rates ranging from 3.8 % to 55.7 %, with a period of five years.

In the initial ADD decision effective February 13 earlier this year, antidumping duties of 5%-10.7% was implemented on styrene monomer from South Korea, Taiwan, and the US. The duty varied according to the company from which the cargo originates, and were paid to China's General Administration of Customs.

After multiple appeals from various SM makers following the initial decision, antidumping duties on cargoes from South Korea and Taiwan had been lowered for the final decision, while higher rates had been imposed on US-based producers.



China is the world's largest demand country for styrene, accounting for about 33-34% of the world's total demand in 2016 and 2017, with apparent consumption of 97.0-9.8 million tons.

With the capacity expansion these years, import dependency decreased gradually. However, by 2017, about 32 % of China's demand depended on import.


Source: China Customs

Northeast Asia, North America and the Middle East are the three major sources. According the the above chart, about 51% of styrene imports came from South Korea, United States, and Taiwan.

Imports from the three regions have slowed down since early 2018, particularly from the United States. In the first quarter, SM import from US was only around 65kt. The higher rate imposed on US-based producers will make the arbitrage to China harder than before.



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