India Abates Anti-Dumping Inquest on MEG Imports Under the Plea from Reliance Industries
- 24-Nov-2020 4:00 PM
- Journalist: Francis Stokes
As per a notification by the Directorate General of Trade Remedies, anti-dumping probe on Mono Ethylene Glycol (MEG) imports from Oman, Kuwait, Singapore, and UAE has been abated following the withdrawal application by its leading manufacturer, Reliance Industries backed by the support of India Glycols Limited.
The basis behind the action is presently unknown. Government initiated anti-dumping inquest on MEG imports from Saudi Arabia, Oman, Kuwait, Singapore, and UAE in December 2019. Earlier this year in February, RIL filed an application for the abatement of anti-dumping inquest from Saudi Arabia. With final call for dropping the anti-dumping probe on the following countries, DGTR has declared the termination of the complete entreaty submitted last year. MEG is a prime raw material for polyester industry and is mainly implied to manufacture PET fibres, films, and resins. Reliance Industry is the largest manufacturers of MEG in India with total production of around 1.4 million tonnes per year, along seven operating lines. Presently, market fundamentals of MEG are trading high in Southeast Asia on the backdrop of the active demand for Polyester commodities after the vivid purchases observed in early November due to the festive cheer in the country.
ChemAnalyst predicts that the recent removal of anti-dumping duty would assist the country to sufficiently cater to the domestic demand without falling short.