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In 2023, South Africa's steel industry showcased resilience, surging 10.7% in production despite global challenges, indicating recovery efforts but also highlighting the ongoing quest to surpass pre-COVID levels of output.
The current landscape poses formidable challenges for crucial steel-consuming sectors, namely construction, manufacturing, and mining. Persistent logistics challenges have disrupted the smooth flow of raw materials and finished goods, introducing delays and additional costs into the supply chain.
Proposed amendments to the Second-Hand Goods Act in South Africa will impact the scrap metal industry, with changes including registration requirements and enhanced reporting. Stakeholders should stay informed and participate in the discourse.
Worldsteel's latest report predicts a recovery in steel demand, with a projected growth of 1.8% in 2023 and 1.9% increase in 2024, driven by infrastructure investment and emerging markets.
South Africa's SARS increases customs duties on stainless steel flat products to WTO bound rate of 10%, aiming to bolster domestic industry against unfair competition concerns.
The EU and US navigate a steel trade saga stemming from tariffs initiated by the Trump administration. Potential interim deal targeting non-market practices impending.
On August 2, 2023, the USITC determined that revoking countervailing duty orders on carbon and alloy steel wire rod from Italy and Turkey, and antidumping duty orders from multiple countries, would likely cause continued or renewed harm to the US industry.
Extension of the price preference system on the exportation of ferrous and non-ferrous waste and scrap metal.
The government aims to combat theft and vandalism of infrastructure by proposing restrictions on exporting rail tracks and copper products to verify metal sources.
The South African Revenue Service extended safeguard duty on steel fasteners by 48.04% to protect domestic industry, fostering fair competition and encouraging innovation and technology investments.
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