India’s Ministry of Finance imposed an anti-dumping policy for all acrylonitrile butadiene rubber (NBR) imports from South Korea.
Anti-dumping policies put a penalty price on very low-priced imported products. Penalties are applied to increase their price and protect the local industries from unfair competition.
The ministry placed an anti-dumping duty of $57/tonne of NBR from Kumho Petrochemicals, $61/tonne from LG Chemicals, and $85/tonne from all other South Korean manufacturers.
NBR, also known as nitrile rubber, is used in making conveyor belts, synthetic leather, non-latex gloves, hoses, and others.
Omnova Solutions (India) Pvt Ltd filed a petition for a sunset review, or to review the effectiveness of the policy which can lead to sustaining, amending, or terminating the policy.