(Yicai Global) July 25 -- The United States has lowered the anti-dumping duty rates imposed on the Thai units of two Chinese tire manufacturers after a preliminary re-examination of an investigation into the dumping of tires in the US market at prices much lower than normal.

The additional import duty levied on Linglong International Tire Thailand was cut to 4.52 percent from 21.09 percent, parent company Shandong Linglong Tire announced yesterday. On July 23, Qingdao Sentury Tire said the anti-dumping duty rate on Sentury Tire Thailand was reduced to 1.24 percent from 17.06 percent.

In June 2020, the US Department of Commerce initiated an anti-dumping probe into Thai passenger vehicle and light-duty truck tires. After the investigation, anti-dumping rates were imposed on LLIT Thailand, Sentury Tire Thailand, the Thai unit of Japan’s Sumitomo Tires, and other Thai tire producers.

Last September, the commerce department kicked off a re-examination of the initial anti-dumping probe. Its preliminary results ruled that the rates of Thai companies and the Thai units of foreign firms that export products to the US had to be significantly lowered.

LLIT Thailand and Sentury Tire Thailand are still following the previous rates because the final ruling of the re-examination is not expected to be announced until the first quarter of next year. The rates will be adjusted afterward.

Shares of Linglong Tire [SHA: 601966] gained 2.1 percent to finish at CNY24.13 (USD3.38) each in Shanghai today, while Sentury Tire [SHE: 002984] rose 1.1 percent to CNY35.28 in Shenzhen, after closing up 7.7 percent yesterday.

Editor: Futura Costaglione