S. Korea’s Huvis likely to gain from exempt in U.S. antidumping – S. Korea Huvis gain exempt U.S. antidumping - Arhive

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S. Korea’s Huvis likely to gain from exempt in U.S. antidumping – S. Korea Huvis gain exempt U.S. antidumping

S. Korea’s Huvis likely to gain from exempt in U.S. antidumping

South Korean textile materials manufacturer Huvis Corp. was cleared by the U.S. government on charges of selling low melt polyester staple fiber (PSF) at below market prices in the United States. S. Korea Huvis gain exempt U.S. antidumping

The U.S. Department of Commerce had conducted an anti-dumping probe on imports from South Korea and Taiwan from April 2016 through March 2017 following a petition filed by Nan Ya Plastics Corp. USA. In a preliminary evaluation, the commerce department imposed a 16.48 percent levy on the fiber product from South Korea’s Taekwang Industrial and Toray Chemical Korea and 52.0 percent duty on Taiwanese firms, but zero percent on Huvis. The zero-duty was confirmed in the final determination. Other Korea-based producers were levied with affirmative anti-dumping duties of 16.27 percent. Their loss will likely be Huvis’ gain and help to cement the company’s leadership in the global market, Huvis said.

Shares of Huvis fell 1.67 percent on Wednesday to close at 8,810 won.

U.S. anti-dumping duty on LMF. [Photo provided by Huvis Corp.]

South Korea and Taiwan are estimated to have exported $75.5 million and $26.9 million in the product, respectively, to the U.S. last year.

Low-melt fibers are used in padding, insulating materials, filters, and automobile interior. S. Korea Huvis gain exempt U.S. antidumping

The global market for the eco-friendly fiber is expected to grow by 8 percent a year.

Huvis plans to establish a PSF factory in a joint venture with Thailand’s chemical company Indorama Ventures in the U.S. to broaden market share and avoid trade barriers.

By Hwang Soon-min and Choi Mira

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