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ICICI Securities Report
In its final findings with-respect-to case no. 06/2019, the Directorate General of Trade Remedies on May 03, 2021 recommended countervailing duty on imports of MDF into India and originating in or exported from Malaysia, Thailand, Indonesia, Vietnam and Sri Lanka for a period of five years.
The same needs to be ratified by the Union finance ministry.
The recommended CVD structure (if ratified) is likely to negate the entire pricing differential (domestic versus imports) of 8-10% in thick MDF (70% of MDF market) and prune down the differential to 8-10% (from 20-25% earlier) in thin MDF (30% of market).
This we believe would enable south-based MDF manufacturers to replace major MDF imports (on structural basis), which are currently estimated at 25-30% of the overall MDF market in India.
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