The Gulf Cooperation Council is a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf except Iraq. This area include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Recently, The GCC has initiated a Safeguard Investigation against a wide range of flat, long and tubular steel products, following a significant increase in imports of these products in 2014-2018.
The products under investigation include hot rolled flat products under HS codes 720827; 720837; 720838; 720839; 720851; 720853; 720854; 721113; 721114; 721119. Also included are cold rolled flats under HS codes 720916; 720917; 720918; 720926; 720927; 720928; 720990; 722550; and coated flats under HS codes 721030; 721049; 721069; 721220; 721250; 721260; 722591; 722592; 722599; 721240. The investigation covers the period from 1 January 2014 to 30 June 2019.
According to statistics, from 2014 to 2018, steel imports increased rapidly. Import volume increased by 19% in 2014, downed 1% in 2016, but increased by 10% in 2017 and up to 16% in 2018.
In addition, domestic production increased by 18% in 2015 but strangely stagnated in 2016, then increased by 20% and 16% in 2017 and 2018.
The increase in imports is determined by the increase in global steel production as well as the trend of applying trade remedies on the international market today.
This is the GCC’s third steel safeguard investigation but by far its most wide-reaching to date. One previous probe resulted in the implementation in May 2018 of a three-year safeguard duty on imports of coated sheet under HS codes 721070 and 721090. The other was a probe into ferro-silico-manganese under HS code 72023000, but this was abandoned.
To better understand trade defense policies or technical barriers, please feel free to contact us:
Ms Lan – Juridical Manager of MRS Steel
Mobile – WhatsApp: 00 84 962343746.