India's Phenol Anti-Dumping Case Names Seven Origins. The Import Record Shows Which Ones Matter.
India's trade remedies directorate (DGTR) opened an anti-dumping investigation into phenol on 19 March 2026. It names seven origins: the United States, Saudi Arabia, Singapore, South Africa, South Korea, Taiwan and Thailand. Those seven supplied at least 78% of India's phenol imports in FY2025-26 (April 2025 to March 2026) and at least 73% in January to July 2026. A duty, if one is ever imposed, would reach most of the supply. As of 25 October 2026 DGTR's case page shows no findings, and we found no anti-dumping duty on phenol in force.
The case in five facts
19 March 2026 India's trade remedies directorate (DGTR) opened an anti-dumping investigation into phenol, case AD(OI)-11/2026. Source: DGTR initiation notification, 19 March 2026
78% or more The seven named origins supplied at least 78% of India's phenol imports in FY2025-26 and at least 73% in January to July 2026. Source: UN Comtrade, India as reporter, HS 290711, rows of 20 tonnes or more; Phontix AI calculation
About 41% Thailand alone supplied about 41% of India's phenol imports in January to July 2026, the largest named origin. Source: UN Comtrade; Phontix AI calculation
No findings As of 25 October 2026 DGTR's case page shows no findings, and we found no anti-dumping duty on phenol in force. Source: DGTR case page, read 25 October 2026
$843 and $1,045 a tonne India's customs averages for phenol in the two windows. They are averages, not prices, and the windows differ in length. Source: UN Comtrade; import value divided by net weight
What the case is
| Item | Detail |
|---|---|
| Case | AD(OI)-11/2026, file 6/12/2026-DGTR |
| Initiation notice | Dated 19 March 2026 |
| Origins named | United States, Saudi Arabia, Singapore, South Africa, South Korea, Taiwan, Thailand |
| Applicants | Deepak Phenolics Limited and Hindustan Organic Chemicals Ltd, both named in the notice |
| Product | Phenol, customs lines 2907 11 10 and 2907 11 90 (the notice calls the codes indicative) |
| Period of investigation | 1 January to 31 December 2025. The applicants proposed 1 January to 30 September 2025; the Authority chose the longer period |
| Completion date | Not stated in the notice |
| Earlier phenol cases | DGTR's 2020 case on Thailand and the United States ended without a duty on Thai phenol: the Finance Ministry's memorandum of 28 April 2021 says the Central Government decided not to impose it. Taxmann reported in October 2021 that the last phenol duties, on the EU, Singapore and South Korea, were revoked (Notification 61/2021); we have not read that notification |
| Since then | Product methodology notice published 17 April. Questionnaire deadline extended on 23 April and 8 May. Interested-parties list published 9 July, updated 23 July. The case page's last-updated stamp is 1 October; it lists nothing newer than 23 July |
Who supplies India
Thailand alone supplied about 41% of India's phenol in January to July 2026, and the named origins together supplied between 73% and 86%. The range exists because India's customs data reports Taiwan under a catch-all line, "Other Asia, nes". The low figure leaves that line out. The high figure counts all of it as Taiwan.
| Origin | In the case? | FY2025-26 tonnes | FY2025-26 share | Jan to Jul 2026 tonnes | Jan to Jul 2026 share |
|---|---|---|---|---|---|
| Thailand | Yes | 111,316 | 39.2% | 57,004 | 41.3% |
| Taiwan ("Other Asia, nes")\* | Yes | 47,534 | 16.7% | 18,775 | 13.6% |
| Singapore | Yes | 47,317 | 16.7% | 4,998 | 3.6% |
| Saudi Arabia | Yes | 27,898 | 9.8% | 17,099 | 12.4% |
| South Africa | Yes | 22,280 | 7.8% | 14,242 | 10.3% |
| South Korea | Yes | 14,128 | 5.0% | 7,068 | 5.1% |
| United States | Yes | 20 | 0.0% | 45 | 0.0% |
| China | No | 3,926 | 1.4% | 12,037 | 8.7% |
| All other origins | No | 9,488 | 3.3% | 6,671 | 4.8% |
| Total | 283,906 | 100% | 137,938 | 100% |
The two windows differ. The first covers twelve months and the second seven, and January to March 2026 sits in both. Shares are fair to compare because each is a share of its own window's total. Tonnes are not, so we compare monthly averages for the two origins that moved most. Singapore averaged about 3,900 tonnes a month in FY2025-26 and about 700 a month in January to July 2026. China averaged about 330 and about 1,700. The data shows the shift. It cannot say why it happened, and the case opened in the middle of it.
\*India's customs reports Taiwan under "Other Asia, nes", which is mostly Taiwan. We have treated the whole line as Taiwan. India's own customs portal, by country, would settle this.
OBSERVED: UN Comtrade, India as reporter, HS 290711, origin-month rows of 20 tonnes or more. Shares are of the filtered total shown in the table. The FY2025-26 total matches India's Tradestat portal within 0.2%; the two draw on the same Indian customs data, so this is a reconciliation and not a second confirmation. DERIVED: monthly averages are tonnes divided by months in the window. Data runs to July 2026.
What customs says they paid
India's customs average for phenol was about $843 a tonne over FY2025-26 and about $1,045 a tonne over January to July 2026. The windows differ in length and overlap, so we do not calculate a change between them. For a like-for-like comparison inside 2026 see our note on phenol and acetone, which compares the first and second quarters.
| Origin | FY2025-26, $/t | Jan to Jul 2026, $/t |
|---|---|---|
| Thailand | 875 | 1,043 |
| Taiwan ("Other Asia, nes")\* | 865 | 860 |
| Saudi Arabia | 566 | 1,198 |
| South Africa | 880 | 947 |
| South Korea | 859 | 1,156 |
| Singapore | 886 | 820 |
| China (not in the case) | 838 | 1,229 |
| All origins | 843 | 1,045 |
Read these as averages, not prices. Each figure is import value divided by tonnes, so it is a CIF average across grades, and it reflects cargoes that were priced weeks earlier. It is not an assessed market price and it is not a landed cost. We have not added duty or freight to it.
Two cells need care. Saudi Arabia's FY2025-26 figure of $566 a tonne is far below every other origin, and we cannot explain it from the data, so do not build a conclusion on it. Singapore's January to July figure rests on about 5,000 tonnes in total, so a few cargoes could move it.
OBSERVED: UN Comtrade, India as reporter, HS 290711, origin-month rows of 20 tonnes or more. DERIVED: unit value is value divided by net weight.
What a buyer can do now
- Do not price a duty that does not exist. DGTR's case page shows no findings, and we found no phenol duty in force. Any quote that includes a duty today is a guess.
- Know your exposure. If your phenol comes from Thailand, you are buying from the largest named origin, about 41% of India's imports in January to July 2026. Check your own supplier's country on the bill of entry, not the trader's.
- Ask suppliers to show the duty layer separately. If a duty is imposed later, a quote that splits product price, freight and duty lets you see what changed.
- Watch the unnamed origins. China is not in the case. Its share was 1.4% in the twelve-month window and 8.7% in the seven-month window. Our reading, not a sourced forecast: if duties arrived on the named seven, buyers would look at origins outside the case, and China is the one with a rising share.
- Look at the epoxy precedent. In the epoxy case, DGTR's findings were dated 18 August 2025 and the Finance Ministry's notification followed on 17 November 2025. Phenol has not reached that stage.
What to watch: the DGTR case page for findings or a hearing notice, and the Finance Ministry's customs notifications. We re-checked the DGTR page on 25 October 2026 and found nothing after the interested-parties list of 23 July. DGTR also opened an anti-dumping investigation into acetone on 19 March 2026 (file 6/11/2026-DGTR), naming Singapore, South Korea, Taiwan and Thailand. Its page lists no findings.
Frequently asked questions
What is DGTR's phenol anti-dumping case?
India's trade remedies directorate (DGTR) opened an anti-dumping investigation into phenol on 19 March 2026, case AD(OI)-11/2026. The applicants are Deepak Phenolics Limited and Hindustan Organic Chemicals Ltd. It covers imports from seven countries, and the period of investigation is calendar 2025. The notice states no completion date.
Which countries are named, and do they matter equally?
The United States, Saudi Arabia, Singapore, South Africa, South Korea, Taiwan and Thailand. They do not matter equally. Thailand supplied about 41% of India's phenol in January to July 2026. The United States supplied almost none, 45 tonnes. Taiwan is a range because customs reports it under 'Other Asia, nes'.
Has India imposed an anti-dumping duty on phenol?
Not as far as we found on 25 October 2026. DGTR's case page shows no findings. The Finance Ministry declined to impose a duty on Thai phenol after DGTR's 2020 case, in a memorandum of 28 April 2021. We found no phenol duty in force. Check again before quoting a price.
Is the customs average the price I will pay?
No. A customs average is import value divided by tonnes. It blends grades and contracts, includes freight and insurance, and reflects cargoes priced weeks earlier. It is not an assessed market price and not a landed cost. Use it to compare origins and periods, and ask your supplier for its own quote.
What should a buyer do while the case is open?
Do not price a duty that does not exist. Check your supplier's country of origin on the bill of entry. Ask suppliers to show product price, freight and any duty as separate lines, so a later change is visible. Watch the DGTR case page and the Finance Ministry's customs notifications.
Related reading
- Phenol and acetone are one price problem: why a buyer of either product is exposed to the market for both, with the 2026 customs record.
See how Price Fundamentals shows its working
Price Fundamentals gives mid-sized Indian buyers commodity and chemical price and landed-cost views where every number shows how it was built and says plainly where we do not know. Read more on the Price Fundamentals page.
Methodology and sources
UN Comtrade is the source for origin tonnes and values. Rows under 20 tonnes per origin-month are dropped, and that threshold has not been sensitivity-tested. Unit values are import value divided by net weight. They are not prices, and we have not computed any landed cost. We use no assessed or agency prices. Scope is India only. Read how we treat customs data in our methodology. This note is analysis of public records. It is not investment advice, and it is not advice to buy, sell or time a purchase of any commodity or share.
- DGTR, case page for the anti-dumping investigation on phenol, file 6/12/2026-DGTR, read 25 October 2026. dgtr.gov.in.
- DGTR, initiation notification on phenol, 19 March 2026. dgtr.gov.in.
- UN Comtrade, India imports, HS 290711, January 2024 to July 2026. comtradeplus.un.org.
- Government of India, Tradestat commodity-wise imports, FY2025-26. tradestat.commerce.gov.in.
- Indian Chemical Council, copy of Notification No. 33/2025-Customs (ADD), 17 November 2025, liquid epoxy resins. indianchemicalcouncil.com.
- DGTR, case page for the 2020 anti-dumping investigation on phenol from Thailand and the United States, file 6/3/2020-DGTR, read 25 October 2026. dgtr.gov.in.
- Ministry of Finance, Department of Revenue (Tax Research Unit), Office Memorandum F. No. 354/121/2020-TRU, 28 April 2021. dgtr.gov.in.
- DGTR, case page for the anti-dumping investigation on acetone, file 6/11/2026-DGTR, read 25 October 2026. dgtr.gov.in.
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