Dow Jones Company Opis said in its latest chemicals market analysis report that India’s polyether polyol imports surged 36% year-on-year from January to March this year. This growth appears to be continuing despite an anti-dumping investigation launched by the Indian government following complaints from India's only integrated polyol manufacturer.
In March this year, the Indian government announced an anti-dumping investigation into polyether polyols originating in or exported from China and Thailand in a communiqué issued by the Ministry of Commerce and Industry.
So far this year, imports from China have increased by 120%, from 113,000 tons to 249,000 tons. Several other countries have also increased polyol exports to India, including Singapore, Saudi Arabia, South Korea and Thailand, the report said.
In 2022, China will surpass Singapore and become the largest exporter of polyether polyols to the Indian market. In 2021, India's polyol imports reached 327,000 tons, with Singapore accounting for 58,200 tons and China accounting for 54,600 tons. But in 2022, China's polyol exports to India surged by 25%, reaching a total of 84,400 tons, while Singapore's exports dropped to 57,500 tons.
The Opis report concluded that total imports of polyether polyols into India have been rising due to growing demand. and demonstrates the need for India to create sufficient domestic production capacity to meet growing demand.
However, the anti-dumping investigation is against Indian polyol producer Manali Petrochemicals Ltd. was initiated. The investigation period is from January 1, 2022 to December 31, 2022.
Manali Petrochemicals, headquartered in Chennai, India Ltd. claimed that the polyols dumped into India were identical to those produced by domestic industry. The Indian company said it is the only domestic producer of these polyols and therefore accounts for 100% of total domestic production.
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