MOSCOW (MRC) -- India has lifted an anti-dumping duty imposed on polypropylene (PP) imported from Saudi Arabian suppliers, including Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemical maker, as per Bloomberg.
India imposed a 6.5% anti-dumping duty in November 2010 on PP imports from Saudi Arabia, Oman and Singapore because it said the shipments were valued at less than normal prices and would hurt domestic manufacturers.
Reliance Industries Ltd., controlled by Mukesh Ambani, India’s richest man, has a 70% share of the country’s polypropylene market, according to its website.
Saudi companies affected by the duty, including Advanced Petrochemicals Co. (APPC) and National Industrialization Co. (NIC), said at the time they would ask the World Trade Organization to pressure India to lift the tax. India and Saudi Arabia would be able to resolve the dispute without going to the WTO, India’s Trade Secretary Rahul Khullar said in December 2010.
Central Board of Excise and Customs Chairman S.K. Goel couldn’t immediately be reached on his office telephone for comment.
Total petrochemical exports from Saudi Arabia to India amount to USD200 million a year, Abdulrahman al-Zamil, a trade representative for Saudi petrochemical makers, said on 28 November, 2010.
The statement didn't mention the tax on polypropylene imports from Singapore and Oman. The duty was retroactive to July 30, 2009, and valid for five years from then.
As MRC reported previously, the Ministry of Finance (Department of Revenue) Government of India vide its Notification No. 25/2013 -Customs dated 8th May 2013 had increased the customs duty on plastic polymers (except polycarbonate) from 5% to 7.5%.
MRC