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UAE clamps down on steel dumping with 5% import duty hike

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UAE clamps down on steel dumping with 5% import duty hike
Latest company news about UAE clamps down on steel dumping with 5% import duty hike

The UAE has increased import duties on rebar and wire rod in a bid to curtail steel dumping in the local market.

Import duties on both steel product types have increased from 5% to 10%, with the move taking effect on 1 January, 2019.

A report by the UAE’s state news agency, Wam, stated that the “anti-dumping move” seeks to protect the domestic steel market, which features major players such as Emirates Steel and Conares. Customs commissioner and chairman of the UAE’s Federal Customs Authority (FCA), Ali Saeed Matar Al Neyadi, said the UAE’s hike forms part of a wider programme to raise duties across the Gulf.

Al Neyadi said the hike reiterated the UAE’s keenness to safeguard “the competitiveness of domestic products” and to protect the stock of local steel companies “against detrimental trade practices”, such as dumping.

“The hike will remain in effect for one year, after which it will be evaluated by the Ministry of Economy, which will raise its assessment to the [UAE] Cabinet for review and final say,” he added.

FCA statistics cited by Wam’s report indicate that rebar and wire rod trade was valued at $299.5m (AED1.1bn) in the first nine months of 2018. Steel imports accounted for $178.6m (AED656m), with $106.7m (AED392m) of exports and $7m (AED26m) of re-exports noted during the period.

Pub Time : 2019-02-01 17:12:47 >> News list
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