Posted on 23 Oct 2024
Colombia has adjusted the tariff on imports of wire rod from countries with which it does not have a free trade agreement (FTA), Kallanish learns from an official government statement.
From 18 October wire rebar originating from countries without FTA will enter Colombia at 30% ad valorem duty in addition to the already existing most-favoured-nation tariff of 5%,” the note specifies. The measure, which was previously recommended by the Committee on Customs, Tariffs and Trade, is valid for two years.
The decision came after local steelmakers Paz del Rio, Gerdau Diaco, Grupo Siderurgico Reyna, Sidoc and Ternium argued that replacing steel imports with local products is crucial for the country's economic recovery. The steelmakers warned that if anti-dumping measures are not increased, unfair imports could affect more than 45,000 jobs in the country's steel sector, in addition to discouraging new investors.
“Wire rod imports from non-FTA countries have caused significant injury to the Colombian industry, as not only did these increase by 9% during the period of analysis, but there was also a 16.7% drop in the price per tonne,” says the Ministry of Trade, Industry and Tourism. The probe showed that the selling price between distributors and domestic producers was between 1.91% and 13.35%.
Source:Kallanish
