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ITAC urged to remove increased duty on stainless steel fasteners

In what it believes to be an ‘oversight’, Cape Town-based fastener supplier Fastenright is appealing for the removal of the customs duty that was implemented on stainless steel fasteners on April 1. The duty was imposed as part of protection measures for the local fastener manufacturing industry through the implementation of a hot-rolled coil safeguard duty, which was approved by Trade and Industry Minister Dr Rob Davies last month.

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Mittal vs The Downstream; steel industry war

The downstream Steel Industry, under siege for decades, is facing its next huge crisis. For many years, ArcelorMittal South Africa (AMSA), South Africa's dominant liquid steel producer, found the South African steel market to be a favourable playing field. For a long time they could keep their input costs low as a result of a preferential supply agreement for iron ore. However, whilst having this lucrative iron ore deal, AMSA charged the South African downstream industry similar prices to what they (AMSA) obtained on international markets. The downstream industry paid high prices for their steel, whilst AMSA made huge profits.

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