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UAE officially hikes import duty on longs products

Steel News - Published on Mon, 21 Jan 2019

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Metal Expert reported that UAE authorities have officially adopted the increase of the import duty on certain long products, the rest of the GCC will follow. Regional wire rod producers are expected to benefit from the measure, while in the rebar segment, the effect will be preventive rather than protective. Dubai Customs released the official document on January 16, stating that the import duty on some long products, mostly rebar and wire rods, will be increased to 10% from the previous 5%. The measure is in force starting from January 17, 2019 with no time limitation settled. The rest of the GCC states are to adopt the same policy. Last year, the measure was actively discussed in the market as it was supposed to come in force in June, but was officially implemented only now, Metal Expert understands.

In the rebar segment, which sees almost no imports from outside of the GCC, the increased duty will hardly make any significant change. “Good news for us, we will keep Turkey and the CIS out of the market," a Bahraini source told Metal Expert. ‘This closes the door for Turkey for sure, they will not come back," another player noted.

In the wire rod segment, where the import inflow is significant amid limited regional capacity, the increased duty will help protect local producers. A producer told Metal Expert that “It will for sure affect imports, especially of CIS and Chinese origins, to the benefit of local mills.”

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Posted By : Joykumar Irom on Mon, 21 Jan 2019
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