EU sets tariffs on Chinese optical fibre cables

BRUSSELS, Nov 18 (Reuters) - The European Union said on Thursday it will impose tariffs on optical fibre cables from China after an investigation found they were being sold at artificially low prices.

The European Commission, which conducted the inquiry, has set duties of 19.7% for ZTT group companies including Jiangsu Zhongtian Technology Co (600522.SS) and 31.2% for other cooperating companies.

For FTT group companies such as FiberHome Telecommunication Technologies Co Ltd (600498.SS) and all other companies the tariff will be 44.0%.

The Commission said that the anti-dumping duties, to take effect from Friday, aimed to remedy damage caused to EU producers such as Acome, Corning and Prysmian (PRY.MI).

Prysmian said in a statement that it welcomed the tariffs.

"The strongly subsidised Chinese optical fibre cable industry has benefited from an unfair competitive advantage, allowing it to increase significantly exports to the EU at heavily undercut prices during recent years," it said.

Reporting by Philip Blenkinsop; Editing by Alexander Smith

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