Tyre stocks lose traction as government levies anti-dumping duty

Tyre stocks witnessed a fall in share prices owing to the finance ministry imposing a definitive anti-dumping duty on Styrene Butadiene Rubber (SBR) of 1500 and 1700 series imported from the European Union, Thailand and South Korea, for a period of five years, unless revoked earlier, reported a leading business daily. SBR is the largest volume of synthetic rubber produced and consumed globally. 
 
The petition seeking anti-dumping duty on SBR 1500 and 1700 series was filed by Indian Synthetic Rubber Private Ltd (ISRPL) and Reliance Industries Ltd. ISRPL is a joint venture company, jointly promoted by Indian Oil Corporation, TSRC (Taiwan) and Marubeni Corporation (Japan). For SBR produced by LG Chem Ltd., South Korea, the anti-dumping duty has been pegged at USD 28.68 per ton. For all other producers from South Korea, the duty would be USD 64 per ton. In the case of SBR imports from Thailand, the dumping duty has been pegged at USD 243.60 per ton.
 
Among the tyre stocks, MRF Tyres slipped 0.22% at Rs 65,000 per share, Apollo Tyres slipped 0.82% at Rs 254.10 per share, JK Tyre Industries slipped 0.27% at Rs 148 per share, and Balkrishna Industries slipped 1.95% at Rs 1,620 per share.