On January 12, 2024, the Korea Trade Commission officially issued Announcement No. 2024-1 (Case No. 23-2024-1), announcing the initiation of an anti-dumping investigation on PET resin (Polyethylene Terephthalate Resin) originating from China. This investigation was initiated in response to an application filed by the Korean company TK Chemical Co., Ltd. on November 20, 2023, marking a new measure by South Korea to protect its domestic chemical industry from external market impacts.

The HS code for the product under investigation is 3907.61.0000. According to the announcement by the Korea Trade Commission, the dumping investigation period spans from July 1, 2022, to June 30, 2023, totaling 12 months. Meanwhile, the injury investigation period covers four years, from January 1, 2020, to December 31, 2023.

Several Chinese companies have become the focus of this investigation, including Hainan Yisheng Petrochemical Co., Ltd., China Resources Chemical Innovative Materials Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., and Zhuhai China Resources Chemical Innovative Materials Technology Co., Ltd. The products of these companies are suspected of potential dumping behavior, which could impact the Korean domestic market.

The announcement states that, unless extended, the preliminary ruling is expected to be made within three months of the announcement. This decision will significantly impact the international trade and market strategies of the involved Chinese companies.

South Koreas anti-dumping investigation on PET resin from China indicates that the Korea Trade Commission is strengthening protective measures for its domestic chemical industry to address competitive pressures in the international market. As a key material widely used in various industries, the outcome of this investigation may significantly affect the export business and international market position of related companies.

The initiation of this anti-dumping investigation is an important development for global PET resin market participants. It not only affects the involved companies but may also trigger broader market adjustments and changes in trade strategies.

Original text of Announcement No. 2024-1:Trade Commission Announcement No. 2024-1 (Announcement on the Initiation of Investigation into Dumping and Injury to Domestic Industry of Polyethylene Terephthalate Resin (PET Resin) Originating from China)