ERJ staff report (DS)
Beijing -- An announcement from China's Ministry of Commerce (MofCom) says the country has imposed anti-dumping measures on resorcinol (M-dihydroxybenzene) from Japan and the United States, effective from last Friday, 23 November 2012.
An investigation into the issue completed on 23 March 2012 found evidence of dumping and the existence of injury to China's domestic resorcinol industry. The materials in question are listed under tariff No. 29072100 in the Customs Import and Export Tariff of the People's Republic of China, and the resorcinol salt thereunder is not in the scope of products under investigation.
Rather than imposing a duty on imports, China is demanding that importers pay a 'deposit' to China's government. .
Japanese suppliers are hit hardest with a deposit of 40.5 percent of the value of imports, while Imports originating from the US will need to pay 30.1 percent.
The announcement from MofCom says, " As of November 23, 2012, import operators shall, according to the dumping margin of each company as determined in this preliminary ruling, pay relevant deposits to Customs of the People's Republic of China when importing resorcinol originated in Japan and the US. The deposit shall be levied by means of ad valorem on the basis of dutiable value authorised by Customs, and the calculation formula is: Deposit = (dutiable value authorised by Customs x rate of deposit) x (1 + rate of import value-added tax). "
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Announcement (English language) from MofCom