Mumbai-based Thirumalai Chemicals has temporarily suspended operations of its Phthalic anhydride plant at Ranipet (near Chennai) effective from October 08, the company said in a communication to the Bombay Stock Exchange (BSE).
The decision has been taken to combat the vertical fall in demand and prices in India caused by sudden surge in imports of Phthalic anhydride into India, by traders and by manufacturers from South Korea, Indonesia, Taiwan and Israel. This has resulted in serious market disruption, the company said.
Thirumalai Chemicals and Indian Phthalic anhydride manufacturers have initiated action with the government to put in place appropriate trade remedy measures, like antidumping / safeguard duties to protect against this activity which is considered a violation under WTO rules.
At 10.41 AM, the company’s share at the BSE was trading at Rs 121.15, marginally down from the previous close.