GCC countries consider action against steel imports

Thursday, 11 February 2016 12:05:41 (GMT+3)   |   Istanbul
       

The Gulf Co-operation Council (GCC) countries are considering setting up a committee to fight steel imports and are seeking a hike in import tariffs, according to media reports.
 
Last year, UAE-based steelmaker Emirates Steel had warned of the damaging effects of the flow of Chinese and Turkish steel into the UAE markets, and called for protective actions to face the increasing competition and falling prices that will affect the UAE's future industrial development plans.  
 
At a conference he attended in December last year, Saeed Al-Romaithi, Emirates CEO pointed out that 50 percent of the steel used in the Arabian Peninsula is imported, while local producers’ capacity utilization rates were below 40 percent.
 
Market players in the region said that they will meet with the authorities to discuss import regulations, while they favor a 15 percent safeguard duty for rebar imports.


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