South Korea will extend anti-dumping duties on polyethylene-terephthalate (PET) films imported from China and India for three more years in a bid to protect local manufacturers, the finance ministry said Thursday.

Anti-dumping tariffs ranging from 5.87 percent to 25.32 percent will be imposed on PET films imported from China and India for three years starting Friday, according to the Ministry of Strategy and Finance.

PET film refers to a thermoplastic polymer resin of the polyester family and is widely used in containers for food and beverage, package wrappers, bottle caps and materials for liquid crystal display (LCD) panels.

The Korea Trade Commission recommended re-imposing anti- dumping duties to the finance ministry after local companies requested the extension of the duties for protection from cheap imports. The previous anti-dumping tariffs were imposed for three years since October 2008.

Punitive duties of 25.32 percent will be imposed on the PET films manufactured by Chinese firms, including Shantou Soe First Polyester Films, Yihua Toray Polyester Film, Jiansu Zhongda New Materials International, Zhejiang Wuming Trading, TSF Co. and Shanghai Hanghai Hansen Global Supply.

The rates for Fuwei Films Shandong and Tianjin Wanhua were set at 11.72 percent and 5.87 percent respectively, with the ratio for the remaining Chinese manufacturers being set at 23.61 percent.

The anti-dumping duty of 25.32 percent was slapped on products made by the India-based Jindal Poly Films Limited. The rate for Garware Polyester Limited was placed at 14.63 percent, with the one for the remaining Indian firms being set at 14.63 percent.