The Finance Ministry has imposed definitive anti-dumping duty on Plain Medium Density Fibre Board (MDF) imports from Vietnam and Indonesia.
Anti-dumping duty on Plain MDF Board — also known as Custom-wood or Craft-wood in market parlance — will be levied on boards having a thickness of 6mm or above and will be valid for a period of five years.
The petition seeking an anti-dumping probe on MDF was jointly filed by Greenply Industries and Mangalam Timber Products.
Rushil Decor Ltd, which accounts for 20 per cent of production, had supported the petition.
MDF is widely used for partitions, modular furniture and cabinets due to its smooth and uniform finish.
The product is produced in two-types — plain and laminated. The scope of the current petition did not include laminated MDF board.
Based on the recommendations of the designated authority in its final findings, the revenue department has imposed anti-dumping duty that ranged from nil to $64.35 per cubic metre depending on the producer and country of export.
SHARES UP
On the back of the Revenue Department's move to impose anti-dumping duty, shares of Greenply Industries' shot up 5.32 per cent in early morning trade to touch Rs 271.45 at the National Stock Exchange on Friday.
Shares of Mangalam Timber Products shot up 19.84 per cent to Rs 29.90 at NSE in early trade.