When it comes to the Indian speciality chemicals sector, China and its dumping matters. But there have been subtle but significant changes that are worth noting. Earlier, Chinese exporters had three levers: Ability to absorb currency, use of falling input costs, and effecting price cuts to protect volume. Now, two of those levers are weaker; and the third is becoming costlier in products where duty protection is active. That does not, however, create a sector-wide boom in India. But it does create an opportunity of sorts for companies where product exposure, anti-dumping protection, and balance-sheet resilience line up.