FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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Yesterday, the U.S. Commerce Department announced affirmative preliminary determination in the AD investigations on imports of Polyethylene Terephthalate (PET) Resin from Brazil, Indonesia, Korea, Pakistan and Taiwan. The investigation, which was initiated based on petitions filed by DAK Americas, LLC (Charlotte, NC), Indorama Ventures USA, Inc. (Decatur, AL), M&G Polymers USA, LLC (Houston, TX), Indorama Ventures USA, Inc. and Nan Ya Plastics Corporation, America (Lake City, SC), has found that exporters from Brazil, Indonesia, Korea, Pakistan, and Taiwan are dumping the above-mentioned product in the United States below the fair value.
Below are the preliminary dumping rates,
Brazil – 24.09 percent to 226.91 percent;
Indonesia – 13.16 percent;
Korea – 8.81 percent to 101.41 percent;
Pakistan – 7.75 percent;
Taiwan – 9.02 percent to 11.89 percent.
The Commerce Department has asked the U.S. Customs and Border Protection Agency (CBP) to collect cash deposits from importers based on these rates.
According to Commerce department’s calculations, in 2016, imports of PET resin from Brazil, Indonesia, Korea, Pakistan, and Taiwan were valued at an estimated $51.7 million, $35.7 million, $24 million, $34.1 million, and $109.8 million, respectively.
Under the leadership of Secretary Wilbur Ross, the U.S. Commerce Department has followed through President Trump’s promise to cut down malpractices that tend to rob the United States of manufacturing jobs. The numbers of AD and CVD investigations have jumped by 75 percent from the 465 days of the last administration.
A statement on Commerce department quoted Secretary Wilbur Ross saying, “The Department will use every tool at our disposal to defend U.S. industry against unfair trade practices……Today’s decision allows U.S. producers of PET resin to receive relief from the market-distorting effects of potential dumping while the open and transparent process of investigating this matter continues.”
