CVD of only 4.32%, ADD Awaited
We had earlier shared an update regarding on-going ADD investigation against quartz exports from India and Turkey to US: https://investor.stalwartvalue.com/report_updates/336?from_updates=true
On 7th October, The U.S. Department of Commerce rolled out early-stage duties on imports of Indian and Turkish quartz after finding that the products received a boost from government subsidies. Commerce’s International Trade Administration handed down preliminary countervailing duties ranging up to 4.32% for India and 3.81% for Turkey in response to petitions filed earlier this year by U.S. producer Cambria Co. LLC. The equivalent levy was as high as 45% to 191% in case of Chinese exporters, earlier this year.
4.32% preliminary countervailing duty will be applicable on Pokarna. Another exporter from India, Antique Marbonite Private Ltd, was found to have received only minimal subsidy assistance, and will not be assessed any duty, which is very positive as it shows that entire ruling is data driven and not arbitrary just to support local manufacturers and get positive media bytes ahead of elections.
Alongside its subsidy investigation, Commerce is also carrying out an anti-dumping investigation to determine whether the quartz has been sold at unfairly low prices in the U.S. market, the judgement for which is expected by early December 2019.
For now, its been a good news for Pokarna.
