Israel lifts customs duties on steel imports

01/07/2008 12:00 - 808 Views

Israel

has eliminated import duties on steel products to stabilize market price and meet rising demand. Steel prices have been surging by 60% since early 2008 and such measure could save it ILS 5 billion.

It is good news for Chinese exporters since they could export more steel to Middle East area in face of growing anti dumping and anti subsidy claim by the EU and USA.

Customs statistics show that trade frictions between China and its trading partners are on the rise and the total anti dumping and anti subsidy investigations against China reached 17 in Q1 and the relevant amount is USD 1.91 billion. So it is wise to deliver more cargoes to Middle East so as to avoid such frictions.

The total Chinese steel export volume to Israel for January to May 2008 period is 78,000 tonnes and the value is USD 74 million.

Trade conflicts with western countries have getting severe and it has already led to less export to these destinations. More steel have been flowing into South East Asia and Middle East area. Export tonnages to USA in 2007 are 4.14 million tonnes, a sharp decrease of 1.3 million tonnes from that for 2006. While exports to South East jumped by 4 million tonnes to 11.02 million tonnes.

June 30, 2008

Source: steelguru.com