Jordan is planning to reduce steel import duty

Jordan is planning to reduce steel import duty

According to recent market news, Jordan Ministry of Industry and Trade is considering to decrease the current steel import duty of 30%. Moreover, the Ministry is in preparation of implementing new regulations on steel prices. As a result of the steel crisis in the country, certain measures such as, restricting export of scrap steel, liquidating certain steel trading companies were previously put into effect. However, the reduction in the duties is thought to be more effective. The increase in steel prices is attributed to the rise in costs, prices of steel shipping and demand, particularly from China and Ukraine.