South Korea will extend antidumping tariffs on ethyl acetate solvents imported from China, Singapore and Japan by another three years to protect local manufacturers, the finance ministry said Monday.
Punitive duties of 3.14-14.17% will be slapped on products from the three Asian countries effective Monday, until March 26, 2015, the ministry said.
Seoul had previously imposed duties of 5.81-14.17% on ethyl acetate products from the three Asian countries for the period between August 25, 2008, and August 24, 2011.
When the the anti-dumping tariffs ended in August 2011, local manufacturers called for an extension of the tariff. This prompted the country's trade watchdog, Korea Trade Commission, to conduct a probe and recommend extending the duties for protection from unfair price cutting by foreign rivals.
Ethyl acetate is an industrial solvent commonly used in paint, glue and nail polish.
South Korea's chemical producers control 44% of the country's ethyl acetate market, estimated at Won 118 billion ($104 million) in 2010, according to the ministry.
