Page 46 - Plastics News December2018

INTERNATIONAL NEWS

US PET resin makers appeal anti- OPEC to consider views of
dumping decision Modi seriously before cutting

production
hree producers of polyethylene terephthalate (PET)
Tresin have filed an appeal to a recent finding that il cartel OPEC will consider views of world
the US industry is not materially injured by imports Oleaders such as Prime Minister Narendra Modi,
from Brazil, Indonesia, Korea, Pakistan and Taiwan, the who represent the voice of major consuming nations,
representing attorney firm announced on Monday. DAK
Americas, Indorama Ventures USA and Nan Ya Plastics with seriousness before taking a decision on cutting
Corp, America, have requested a court review of the US output to support falling prices, Saudi oil minister
Khalid Al Falih said. India is the world's third largest
oil consuming nation, which is more than 80 per cent
dependent on imports to meet its energy needs. Led
by Modi, it has been very strongly making a case for oil
producers' cartel OPEC to price crude at reasonable and
responsible rates. Speaking to reporters at the meeting
of the Organisation of Petroleum Exporting Countries
(OPEC), he said: "We take the views of Prime Minister
Narendra Modi seriously who (like US President Donald
Trump) is equally vocal about the issue. We just met
International Trade Commission’s (ITC) October negative him in Buenos Aires (during G20 summit) and privately
final determination in the antidumping investigation on he made those points very very strongly that he does
PET resin imports from the five regions.“The domestic care for Indian consumers and is very serious about it.
producers' appeal charges that several key findings are not I have also seen him at three times at various energy
supported by the record compiled by the Commission,” events in India where he was very vocal."
said Kelley Drye & Warren in a news release. “Further, the Accordingly, the 5th OPEC and non-OPEC Ministerial
ITC erred by ignoring critical data and failing to address or Meeting, following deliberations on the immediate oil
explain a number of important issues in the case.”
market prospects and in view of a growing imbalance
The antidumping investigation began in autumn 2017 between global oil supply and demand in 2019, hereby
after the three producers and M&G Polymers USA
filed petitions with the ITC and the US Department
of Commerce. Indorama was not a petitioner in the
investigation against Indonesia.In September 2018,
the Commerce Department determined that PET resin
from the five regions was sold in the US at less than fair
value. The final dumping margins were determined as
follows: Brazil-29.68-275.89%, Indonesia -30.61-
53.50%, Korea-8.23-101.41%, Pakistan -43.81-59.92%,
Taiwan-5.16-45.00%As a result of the ITC decision,
however, the US did not implement antidumping duties
on such PET resin imports.“The domestic producers look
forward to an opportunity to present these claims to the decided to adjust the overall production by 1.2 mb/d,
effective as of January 2019 for an initial period of six
court, and expect that as a result the ITC will reevaluate
its injury determination,” Kelley Drye & Warren said. months. The contributions from OPEC and the voluntary
“DAK Americas, Indorama Ventures and Nan Ya Plastics contributions from non-OPEC participating countries
remain certain that, ultimately, an affirmative injury of the ‘Declaration of Cooperation’ will correspond to
determination is warranted.” 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively.

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