Graphite electrode makers HEG Ltd. and Graphite India Ltd. expect to receive relief on exports to Europe as the European Union will review its 16-year anti-dumping duty rules.
“EU has opened the case for review which will take at least 6-9 months,” said Ravi Jhunjhunwala, chairman and managing director of HEG Ltd. “We requested them [EU] last year as international prices went up by 6-7 times and gave them data to show there's absolutely no impact [on their domestic industry],” he said. “The European players can't be “injured” when they are earning an operating profit of 50-70 percent.”
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The anti-dumping and anti-subsidy duties on HEG were imposed since 2004, Jhunjhunwala said, adding that Europe accounts for about 15 percent of the company's exports. The levies are meant to curb competition for EU-based producers, including Germany's SGL Carbon SE.
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Shares of the Madhya Pradesh-based firm closed 3.6 percent higher on Monday after it surged over 11.8 percent intraday.
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