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Saudi Sharp Steel Tariff Cuts Confuse Markets

On March 1, clearing agents notified buyers of hot rolled coil and billet that the import duties on each had been decreased from 15% to 10% to 5%.

When the parties wished to go into more detail about the reduction, they got conflicting reports, and the authorities said it might have been a system glitch.

A buy-side source adds, “I was surprised when my clearing agent told me the customs duty for HRC was reduced to 5% from 15%. I then went on to verify this on the ZATCA website. “Imports will flow into the nation if this is not a system error but a deliberate policy change,” he continues.

There was no formal announcement made and it was unclear how the customs duty amendment worked until press time.

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