Abu Dhabi – United Arab Emirates decided to increase the import duty on rebar and wire rod from 5% to 10%. Change is effective since January 1st according to Emirates News Agency (WAM).
According to the agency, the Federal Customs Authority chairman Saeed Matar Al Nevadi said it is an anti-dumping move aiming to protect domestic steel industry, and falls in line with Gulf Cooperation Council (GCC) initiative to raise the duties across the region. GCC is formed by Saudi Arabia, Bahrain, Qatar UAE, Kuwait and Oman.
“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 Cabinet for review and final say,” Nevadi explained to WAM.
Neither the agency or the FCA press release informed which countries are practicing dumping, which consists of selling a product cheaper abroad than the prices charged in the producer country’s own domestic market.
Brazil didn’t export any of these products to UAE last year, according to data by the Foreign Trade Department of the Brazilian Minister of Economy, although being a big producer and exporter of both these items.
Translated by Guilherme Miranda
