JBF Industries has informed that the US Department of Commerce’s International Trade Administration in its preliminary findings have proposed Countervailing Duty (CVD) on PET Resin imports from India and China, As per the findings, the CVD for its export to US would be 115.04%. This was decided in absentia as the company had decided not to respond to the enquiries raised by US Department of Commerce’s International Trade Administration. The decision of not responding was taken as JBF Industries Ltd’s PET Resin (0.70 IV to 0.88 IV) exports to US were only 374 M.T. out of total production of 466178 M.T. in FY 2014-15 constituting 0.08% of total production. In view of above, the current imposition of CVD has virtually no impact on JBF Industries Ltd’s sales. Company has strategically decided to cater to US markets from its international subsidiaries due to logistics consideration.
The above information is a part of company’s filings submitted to BSE.
