Gulf Cooperation Council to Remove Import Duty on Deformed Steel Bars

Heads of Finance from 6 countries in the Gulf Cooperation Council (GCC) announced a decision on removing the import duty of 5% on deformed steel bars, which shall be implemented at least one month later.

According to marketing professionals, the decision comes a little late because the supply shortage of deformed steel bars has now been alleviated. Therefore, it will undoubtedly bring a negative impact on the manufacturers in these countries. The marketing professionals also estimate that such a removal decision by the GCC will balance the prices of deformed steel bars among countries belonging to the GCC, thus making a step closer toward the common market of the GCC countries.