U.S. Markets close in 5 hrs 33 mins

U.S. finds hardwood plywood from China subsidized, slaps on duties

WASHINGTON (Reuters) - The U.S. Department of Commerce said on Tuesday it had made a preliminary finding of subsidies in imports of hardwood plywood products from China and will impose countervailing duties ranging from 9.89 percent to 111.09 percent.

The investigation follows petitions from six privately owned U.S. plywood producers into the imports, which are used in wall panels, kitchen cabinets, table and desk tops, and flooring.

In 2016, imports of hardwood plywood products from China were valued at an estimated $1.15 billion, Commerce Secretary Wilbur Ross said in a statement.

The Commerce Department said it calculated preliminary subsidy rates of 111.09 percent for Shandong Dongfang Bayley Wood Co and 9.89 percent for Linyi Sanfortune Wood Co.

Sixty-two other companies received a subsidy rate of 111.09 percent and all other producers/exporters in China were slapped with a preliminary subsidy rate of 9.89 percent, the department said.

The Commerce Department said it is scheduled to announce its final determination on or about July 5 unless the statutory deadline is extended.


(Reporting by Eric Walsh and Eric Beech; Editing by Bill Trott)