A South Korean chemical firm was hit with anti-dumping tariffs by China's Commerce Ministry this week for its exports of methyl isobutyl ketone (MIBK), a compound widely used in coatings, pesticides and solvents, industry officials said Friday.
Kumho P&B Chemicals, an affiliate of Kumho Petrochemical, was among companies from South Korea, Japan and South Africa that the ministry named in its preliminary ruling announced Tuesday after an anti-dumping probe on the product was launched in March.
The tariff margin for Kumho is 29.9 percent. For Japanese companies, Mitsui Chemicals and Mitsubishi Chemical Corp., it was 48.4 to 51.2 percent, and 15.9 percent for South Africa's Saso South Africa.
The final ruling is due in March next year.
Kumho P&B is the only company in South Korea that manufactures MIBK, according to the officials. Its exports of the product last year totaled US$27 million, about 0.07 percent of the country's entire petrochemicals shipments.
Hwi Won email@example.com
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