For Immediate Release: April 21, 2008
Contact: Brittany Eck (202) 482-3809
COMMERCE FINDS UNFAIR DUMPING OF MAGNETS FROM CHINA AND TAIWAN
WASHINGTON – The U.S. Department of Commerce today announced its affirmative preliminary determinations in the antidumping duty investigations on imports of raw flexible magnets, commonly used as refrigerator magnets, from China and Taiwan. Commerce determined that Chinese and Taiwanese exporters sold raw magnets in the United States at less than fair value. The preliminary rate for China is 185.28 percent and 38.03 percent for Taiwan.
China’s mandatory respondent, Polyflex Magnets Ltd., failed to participate and received a preliminary rate of 185.28 percent based on adverse facts available. One Chinese company, Guangzhou Newlife Magnet Electricity Co., Ltd., qualified for a separate preliminary rate of 105 percent. All other exporters will receive the China-wide rate of 185.28 percent.
Taiwan’s three mandatory respondents, Kin Fong Magnets Co., Ltd., Magruba Flexible Magnets Co., Ltd., and JASDI Magnet Co., Ltd., failed to participate, and received a preliminary rate of 38.03 percent based on adverse facts available. All other Taiwanese exporters will receive a rate of 31.20 percent.
“This Administration is committed to enforcing our trade remedy laws that ensure American manufacturers and workers benefit from fair trading relationships,” said Assistant Secretary for Import Administration David Spooner. “Companies selected to participate in the case that refused to cooperate with the Commerce Department have been imposed the highest duty possible.”
Raw flexible magnets are relatively thin, polymer bonded magnetic materials characterized by their flexibility and ease of machinability, ideal for use as “refrigerator magnets.” Raw flexible magnets are also used in a broad range of domestic, commercial, and industrial applications. The petitioner for these investigations is Magnum Magnetics Corporation (Marietta, Ohio).
Dumping occurs when a foreign company sells a product in the United States at less than fair value. If the U.S. International Trade Commission makes a final determination that imports of raw flexible magnets from China and Taiwan materially injure, or threaten material injury to, the domestic industry, Commerce will issue an antidumping duty order.
For more information about Import Administration or for the fact sheet on today’s decision, please visit www.trade.gov/ia.