Saudi Arabia postpones additional import duties indefinitely, including steel products
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Update time : 2020-06-17 12:30:24
Saudi Arabia has officially announced indefinitely postponing the imposition of additional import duties on various commodities including steel products.
So far, the Saudi Arabian authorities have not given any reason for this move, but steel market players believed that they didn't want to put additional pressure on the Saudi Arabian economy as it has already been hit by low oil prices and the novel coronavirus epidemic.
Earlier, the Saudi Arabian government announced that it would raise import taxes on various commodities, including steel products, to make up for the losses that it had to face in the past month.
From June 10, the import tax rates would have been increased from 5% to 10% for square billet, from 5% to 10%-15% for hot-rolled coil and from 5% to 15% for coated products. The rates for rebar and wire rod would have been increased from 10% to 15% and 20%, respectively.
