Itac on 18 September 2015 announced the proposed increase in the ‘General’ rate of customs duty on structural steel, classifiable under tariff subheadings 7216.31, 7216.32, 7216.33, and 7216.50, from free of duty to 10% ad valorem.
The application was lodged on Evraz Highveld Steel and Vanadium Corporation (Pty) Ltd who reasoned that (i) The domestic market is experiencing an increase in low priced imports, forcing the average market price to drop below profitable returns for domestic steel makers; (ii) The South African steel market is currently facing the worst domestic demand seen in the last 10 years; and (iii) Primary steel producers in the country are facing increased cost pressures in an already depressed domestic market.
Comment is due by 02 October 2015.
