China slaps lower anti-dumping duties on S. Korean chemical maker

China's commerce ministry has slapped anti-dumping duties of 4.1 percent on acrylic fiber manufactured by a South Korean chemical company, the foreign ministry here said Thursday.

Taekwang Industrial Co. along with other companies from Japan and Turkey were accused of selling their products at below market prices in China that distorted the market and hurt domestic producers. 

Beijing began its probe into the allegation in July 2015 and issued a tentative ruling in April this year in which the Korean company was slapped with anti-dumping duties of 6.1 percent.

The 2-percentage-point cut from the initial ruling was attributed to the company's faithful cooperation with the probe and the well-coordinated efforts by the Seoul government and diplomatic officials in China, the ministry said in a press release.

Anti-dumping duties imposed on the Japanese and Turkish manufacturers were higher at around 16 percent and 8.2 percent, respectively, the ministry said.

South Korea's exports of acrylic fiber to China came to around US$19 million last year, according to data provided by the ministry. Taekwang Industrial is one of the major exporters in the market. (Yonhap)