(Yicai Global) March 26 -- China's commerce ministry will today begin anti-dumping investigations against phenol imports from the United States, Europe, South Korea, Japan and Thailand.

Seven companies requested the probe on Feb. 2, including a subsidiary of the country's biggest oil and gas firm PetroChina Co., the ministry said online today. The investigation should be complete within the year, but may be extended to September 26, 2019, in case of special circumstances.

The application claims that the quantity of dumped goods is overwhelming, and that sharp declines in price cut into domestic market share. Chinese firms suffered substantial damage as they had to slash prices to keep up, the companies added.