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gulf Cooperation Council (GCC) has imposed custody duty on the imports of prepainted steel

Steel News

Gazette stated that safeguard duties will take effect on May 15, 2018, for three years.

The custody duty on prepainted steel imports will remain at USD 169 per ton until May 15, 2019. In the second year, the duty value will decline to USD 153 per ton and to USD 137 per ton in the third year.

As previously reported on MEsteel, the GCC’s Bureau of Technical Secretariat for Anti-Injurious Practices (GCC-TSAIP) in International Trade began investigating the case for safeguard tariffs on June 9 2016, after a complaint from Unicoil, Saudi Arabian flat steel producer. The preliminary investigation showed GCC steel sector has suffered material injury from increasing imports during 2012-2015.

According to the document, GCC production fell by almost 21 pct and inventory level increased by 131 pct during 2012-2015 indicative difficulty for GCC firms to sell its product inside the GCC market and which in turn forced them to cut 23pct of their workforce.

The imports on the other hand increased from 193,552 tons to 405,809.82 tons, an increase of almost 109.7 pct during 2012 to 2015.

The investigated products fall under the HS Code: 721070 & 721090. The description of product is defined “Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, clad, plated or coated. or covered with plastics & Other. “

The duties will not be applicable on developing countries which share in GCC’s total prepainted steel import is less than 3 pct individually and less than 9pct collectively.

Gulf Cooperation Council member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

ME Steel