Korea to impose anti-dumping tariffs on Saudi Arabian industrial solvent

Korea's trade watchdog said Thursday that it has decided to impose 43.58 percent anti-dumping tariffs on an industrial solvent from Saudi Arabia over the next five years, citing substantial damage to Korean industry.

In June last year, Lotte Chemical filed a petition with the Korea Trade Commission, claiming that cheap imports of butyl glycol ether have hurt its business.

After a yearlong probe, the commission ruled that Lotte Chemical suffered substantial damage — a decline in profits and lower market prices of the industrial solvent — due to cheap imports from Sadara Chemical, a joint venture between Saudi Aramco and U.S. firm Dow Chemical.

Korea's finance minister is set to make a final decision based on the commission's ruling by August, it added.