Market players in the Hot Rolled Steel Coil products have experienced price margin problems for a long time. What do you see profit margin issues currently and should we expect some protectionist measures regarding Hot Rolled Steel Coil product imports in the UAE in the future?
Margins continue to be "thin or none" unless one is an integrated producer like Emirates Steel Industries, for which margins can only be a single digit percentage.
We do not expect any protectionist measures in a foreseeable future and we would like the government not to implement any such measures as well.
What do you think about the latest news regarding cutters and benders? The UAE Ministry of Economy officially denied speculations that the exemption allowing cutters end benders in the country to import steel without paying the five percent import duty has been cancelled, but said that they will tighten measures to avoid any violation.
I observe some cutter and benders are violating rules to obtain the duty exemption, as per GCC Customs Union rules. They are ‘processing centers', not "manufacturing industries". At the end of the day, I think everybody should follow the rules.
Contact: Baosen Steel
Add: No.60 Haier Road Qingdao China