The Department of Commerce has issued its final subsidy allegations against Chinese hardwood plywood producers and imposed countervailing duties of 22.7% to 194.62% on Chinese hardwood plywood imports, reports the Hardwood, Plywood & Veneer Association.
“Most of the large Chinese exporters will owe the 22.7% rate,” the publication reports. “For Sanfortune, the DOC made positive findings on new subsidies for urea (0.65%), formaldehyde (1.62%) and Ex-Im buyers’ credits (10.54%). This increased the lowest CVD rate from 9.89% to 22.7%. For Bayley and Q&V non-responders, DOC found total new subsidies of 83.53% (urea, formaldehyde, Ex-Im buyers’ credit rates as determined above, plus AFA findings for standing timber, cut timber, UF resin and export sellers’ credit). This increases the total CVD rate for Bayley and Q&V non-responders to 194.62%.”
Source: Floor Focus