Tuesday, Chinese manufacturer and distributor of plastic film, Fuwei Films (Holdings) Co., Ltd. (FFHL) stated that the Korean Trade Commission decided to recommend the Ministry of Strategy and Finance, or MOSF, to levy the anti-dumping duty, or ADD, on imports of BOPET plastic films for the next five years, based on its final decision on August 27, 2008.
Based on the investigation on BOPET film exporters, which began in November 2007, the final rate of anti-dumping duty determined for Fuwei is 5.67%, versus 6.13% in the preliminary determination. The ADD rate for other Chinese companies is 23.6% except two, which are presently levied a rate of 8.93% and 15.95%. The ADD rate recommended for one Indian company is 10.4% and 25.32% for the other Indian companies.
As per Xiaoan, chairman and CEO of Fuwei, the primary reason for a lower ADD is that the company focused on delivering specialty film products of higher-value after entering the South Korean market in 2005 and expects to make use of the competitive advantage from this ADD recommendation to further penetrate the South Korean market.
Pursuant to a formal announcement from MOSF, the ADD rates are expected to become effective sometime in October 2008.
Fuwei Films is currently trading at $2.13, up $0.16 or 8.12% on the Nasdaq.
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