India has imposed anti-dumping duty amounting 342.76 dollars per tonne on all phenol imports from South Africa. This duty will be valid for a period of five years. The duty was imposed by Union Finance Ministry on the recommendations of the Directorate General of Anti-Dumping Duty (DGAD) under the hand of Union Commerce Ministry.
Reason for levy of anti-dumping duty:
A petition was filed by Hindustan Organic Chemicals Limited and S I Group Limited noticing continuation of anti-dumping duty on Phenol imports from South Africa. These two companies are the only producers of Phenol in India.
What is Phenol?
- Phenol is a basic organic chemical characterized by a hydroxyl (−OH) group attached to a carbon atom.
- Its specific name for its simplest member is monohydroxybenzene (C6H5OH) is also known as benzenol or carbolic acid.
- It is widely used in particle boards, pharmaceuticals, plywoods, laminates and phenyl formaldehyde resins etc.
What is Anti-Dumping Duty?
what is Anti-Dumping Duty
It is a duty imposed on imported products which have prices less than their normal values in their domestic country market. It is imposed when domestic industry has been hurt because of the dumping- below-cost imports. Anti-Dumping Duty is imposed under the multilateral WTO and varies from product to product and from country to country. In India, anti-dumping duty is recommended by the Union Ministry of Commerce (i.e. Directorate General of Anti-Dumping Duty-DGAD), while the Union Finance Ministry imposes it.
