China box makers Singamas, CIMC focus of US anti-dumping probe
US AUTHORITIES are investigating Chinese container makers Singamas Container Holdings and China International Marine Containers (Group) Co Ltd (CIMC) on anti-dumping allegations.
The probes are in response to a petition complaining the companies 53-foot domestic dry containers are subsidised by the Chinese government and sold in the United States, reported Reuters.
The alleged dumping margin is 84.07 per cent, they said, while Singamas added that the US authorities had estimated it was given a subsidy rate of at least two per cent, according to filings to the Hong Kong stock exchange made by both manufacturers separately.
The US International Trade Commission is scheduled to make preliminary determinations on June 9, according to the filings.
Singamas said sales of 53-foot domestic dry containers amounted to US$69.7 million, representing 5.4 per cent of its total revenue in 2013.
CIMC achieved sales revenue from the US of CNY640.4 million (US$102.74 million) in 2013, accounting for 1.1 per cent of its total revenue.
Both companies said the enquiry was unlikely to have a major impact on their performance and financial position. They also said they were also seeking legal advice.
The investigation is expected to last 12 to 18 months, CIMC said.
