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Saudi Arabia has reimposed a five per cent customs duty on steel rebars and cement imports following an oversupply in the domestic market. However, the duties will only be levied on rebars and cement imported from non-GCC countries. The decision came into effect January 1st.
The UAE had reimposed a similar five per cent levy last February on imported steel and cement.
Meanwhile, steel producers are of the opinion that unless the customs duty is imposed on cut and bend facilities, it will have little impact in the market. Saudi Arabia had previously approved a cut in customs duties from 20 to five per cent.