China has started to impose an anti-dumping tax on imported Furan phenol from Japan, the United States, and the European Union (EU), according to the Ministry of Commerce.

The ministry said in a recent statement that the anti-dumping tax rate stood at 113.2 percent and the measures would last five years.

The ministry launched the anti-dumping investigation on Aug. 12, 2004. After the investigation, the ministry decided that the import of the chemical constituted dumping and caused substantial damage to domestic industry.

One U.S. and one Japanese chemical company have signed contracts with the Ministry of Commerce, agreeing to export their Furan phenol products at a price higher than the promised price, so China will not levy the tax upon these two companies.

Furan phenol, a kind of chemical raw material, can be used as an intermediate in pesticide and medicine.

Source: Xinhua