Philippines DTI may increase steel import duties

Philippines DTI may increase steel import duties

Philippines Department of Trade and Industry (DTI) may reportedly impose 5% duty on hot rolled coils and 7% duty on cold rolled coils and tinplates following the demand of Global Steelworks International Inc (GSII), a unit of Global Infrastructure Holdings Inc (GIHL) for tariff protection for National Steel Corporation (NSC). As previously reported by SteelOrbis, GSII demanded DTI to increase the duties as it needs time to enhance NSC and make it competitive. However DTI, refusing the demand of GSII stated that it would continue to conduct its studies on effects of tariffs on steel industry. The duty rates, which GSII has recently demanded from DTI, are 6% for hot rolled coils and 8% for cold rolled coils and tinplates. However DTI is reportedly planning to increase the duties for hot rolled coils to 5% and for cold rolled coils and tinplates to 7%. The duty on semis is stated to be maintained at its current level of 0%. The current duty on imported hot rolled coils and cold rolled coils is 0%, while the duty on imported tinplate is 3%. DTI is in negotiations with downstream industry players, who will be adversely affected from a possible tariff hike, to determine the effects of such tariff imposition, however no official statement regarding the tariff hikes has been made yet.