GCC urged to review duty on imported steel
Steel manufacturers believe new regulations should be implemented to safeguard dutys in the region
The steel manufacturing sector in UAE is seeking further support to prevent dumping of cheap steel imports in the country, says a leading steel manufacturer.
With the inflow of dumped foreign products causing damage to the local market in the past few years, steel manufacterers believe new regulations should be implemented to safeguard dutys.
Bharat Bhatia, CEO of Conares, said: “We are trying to address these challenges by providing quality certified items in conjunction with marketing ‘Made in UAE’ steel products, which we believe, would help us avoid losing market share to foreign dumping. The UAE is self-sufficient to cater to the current demand of 3.5 to 4 million tonnes annually.”
He said that government initiatives to promote local manufactured products have pushed producers to meet the requirements of the traders more aggressively. But though this has benefitted all the stakeholders across the supply chain within the construction industry, more regulations must be passed.
“[We] seek stronger support from the government to mitigate the damage to the local steel producers” he said. “This is because the ‘Made in UAE’ steel products are more reliable than imports. We are closer to the market than foreign manufactured products that usually take at least 30 days to arrive in the UAE. The UAE traders are keen to buy locally, save inventory costs and avoid price fluctuations.”
The UAE Ministry of Economy (MoE) has however been adopting the best course of actions to ensure that local steel manufactures perform well in the market and contribute to the economy.
Bhatia discussed several matters including safeguarding duty on rebars and imposed duty on steel pipes with HE Abdallah Al Shamsi, Assistant Undersecretary for Industrial Affairs, and Mr. Karim Toumi, International Trade Law Expert at the Ministry of Economy during their visit to Conares' steel manufacturing facilities in Jebel Ali Free Zone (JAFZA) in Dubai on Wednesday.
“We have traditionally kept steel tariffs low to facilitate local building booms. There are lot of measures in plan to control dumping of cheaper steal products from some countries, as this puts local steel producers at a tremendous disadvantage,” HE Al Shamsi added.