Syrah Resources Says US Antidumping Measures on Chinese Graphite Active Anode Materials May Lead to Earlier Louisiana Facility Sales; Shares Jump 9%

MT Newswires Live
02/12

Syrah Resources (ASX:SYR) said the implementation of antidumping and countervailing duty measures by the US Department of Commerce on graphite active anode material products imported into the US from China may lead to an earlier start of active anode material sales from its Vidalia facility in Louisiana, according to a Thursday Australian bourse filing.

The Department of Commerce finalized its affirmative determination on the antidumping and countervailing duty investigation into graphite active anode material products imported into the US from China after the firm's wholly-owned unit, Syrah Technologies, along with members of the North American Graphite Alliance, lodged a petition.

The department determined aggregate antidumping and countervailing duty rates of around 160% for graphite active anode material, the filing said. The implementation of these measures is subject to a final affirmative determination by the US International Trade Commission in March.

The determination also set a final China-wide dumping margin of nearly 103% and a dumping margin of about 94% for certain exporters to counter dumping. The department also set a final subsidy rate of around 67% for all exporters to countervail subsidies received by Chinese graphite active anode material suppliers from the Chinese government.

Syrah Resources' shares rose past 9% in recent trading on Thursday.

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