65In the third place, as regards the argument that the level of prices in the Community is such that it cannot be claimed that those prices were unfairly undercut or depressed, it should be borne in mind that the undercutting or depression of prices are legal concepts referred to in Article 3(3) of the basic regulation (now Article 3(3) of Regulation No 1225/2009). In general terms, when determining whether there is undercutting for the purposes of that provision, the institutions compare Community prices with adjusted import prices, so as to obtain an undercutting margin expressed as a percentage. Similarly, when it is found that Community prices have been depressed or have not increased sufficiently, the institutions compare — again in general terms — import prices with a target Community price, that is to say, the price which would have been have been achieved in the absence of the dumped imports, in order to obtain an injury elimination level, also expressed as a percentage. In the present case, it emerges from recitals 87 to 89 and 112 to the provisional regulation that the institutions determined the undercutting of prices in accordance with Article 3(3) of the basic regulation. Thus, in recital 89 to the provisional regulation, the Commission stated that it had calculated undercutting margins between 4 % and 11 %, depending on the exporting producer concerned, with the exception of the three exporting producers for which no undercutting was found. No argument is put forward by the applicants that could call in question the institutions’ calculation of the undercutting margins. The simple statement that Community prices are the highest in the world does not call that calculation into question.
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