China's Ministry of Commerce plans to impose higher anti-dumping tariffs on acrylic fiber imports from South Korea, starting on Wednesday, as reported by Yicai Global on November 6. Specifically, the ministry will levy 8.6% tariff on products from Taekwang Industrial [003240:KS] and 21.7% on products from other Korean companies. Previously, the anti-dumping tax rate imposed on South Korean acrylic fiber ranged from 4.1% to 16.1%.
China is the world's largest producer of acrylic fiber, with around 30% share in the global market for acrylic fiber production. Chinese authorities first imposed five years of tariffs on imported acrylic fibers from countries including Japan, Korea, and Turkey in July 2016. In August last year, top Chinese acrylic fiber firms including Jilin Qifeng Chemical Fiber, Jimont Acrylic Fiber, Hangzhouwan Acrylic, and Zhongxin Acrylic claimed that dumping issues among Korean fiber makers have gotten worse since existing anti-dumping measures were implemented, petitioning to the government for a mid-term review. Additionally, in July, the Ministry of Commerce imposed anti-dumping measures on acrylonitrile-butadiene rubber imports from Japan and South Korea.