The Gulf Co-operation Council (GCC) that includes six Middle Eastern countries of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman 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. This investigation also includes various rebar and wire rod, sections and welded and seamless pipe products.
The decision made by GCC standing committee on malpractices in international trade is based on the GCC single code to combat dumping, subsidizing and protectionist measures, the Secretariat of GCC said in a statement. The statement noted that the GCC countries witnessed unexpected increase in their respective steel imports amid excess steel production and rise in protectionist measures by various other steel importing countries.
These products are classified under HS code 720827; 720837; 720838; 720839; 720851; 720853; 720854; 721113; 721114; 721119, 720916; 720917; 720918; 720926; 720927; 720928; 720990; 722550; and 721030; 721049; 721069; 721220; 721250; 721260; 722591; 722592; 722599; 721240.
Compared to 2014, the combined import tonnage of these products rose 19%, then declined -1% in 2016 before rising 10% in 2017 and 13% in 2018.
This is the GCC’s third steel safeguard investigation. 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.
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