China has implemented anti-dumping measures against imports of phenol, a crystalline compound used in pharmaceuticals, resins and plastics, according to the state official Xinhua news agency.
The country's Ministry of Commerce has been monitoring the sector since August of last year and has concluded that dumping has taken place and caused substantial damage to the domestic industry. As a result, it has introduced a system of cash deposits for imports of phenol from Japan, the Republic of Korea, the USA and Taiwan.
In accordance with China's anti-dumping regulations, the MoC has ruled that importers of phenol products would have to pay a cash deposit to Chinese customs, ranging from 7 per cent to 144 per cent of the value of the goods.