Regulatory changes in the UK Global Tariff on 9 June were almost entirely focused on the iron and steel sector, which accounted for 260 of the 285 updates detected. The day’s headline movements included the loading of new anti-dumping duties against various Chinese steel bar products, most of which are set to take effect in late September 2024. In a contrasting move, a series of new zero-duty tariff quotas for specific steel products from South Korea came into force.
The themes
The vast majority of the 285 tariff changes recorded on 9 June concerned a single product area: iron and steel. This intense focus saw a mix of restrictive and liberalising measures applied to different trade partners. The day’s activity was driven by the introduction of new measures, conditions, and footnotes, signalling complex adjustments rather than simple duty rate changes.
Trade defence was a major theme, with 63 records logged, alongside significant activity in tariff quotas. This dual focus on anti-dumping actions and new quota allocations points to a strategic recalibration of import controls within the sector.
Headline items
Anti-Dumping Duties on Chinese Steel Bars
New trade defence measures were loaded against eight commodity lines of steel bars originating from China. The products include high fatigue performance concrete reinforcing bars (7214200010) and various other bars of tool steel or other compositions. The anti-dumping duty rate for these items is set at 22.5%, representing the top tier of several exporter-specific rates. While one measure was retroactively effective from October 2023, the majority are scheduled to take effect on 26 September 2024.
New Tariff Quotas for Steel
In a move to liberalise trade from a different origin, a series of new tariff quotas were introduced for steel products from South Korea. These quotas, which took effect on 9 June, allow for a 0% duty rate on specified volumes of various flat-rolled steel products under Chapters 72.
Additionally, a new tariff quota for all countries was loaded, set to open on 1 July 2026, though the specific products covered were not detailed in the update.
Coming into force
Measures effective 9 June
Thirty measures became effective on 9 June. The most significant of these were the new 0% tariff quotas for a range of steel products imported from South Korea, including certain flat-rolled products of iron or non-alloy steel and stainless steel.
Future-dated measures
Several key dates are on the horizon for traders:
- 1 July 2026: A new tariff quota for all countries is scheduled to open.
- 26 September 2024: New 22.5% anti-dumping duties on several categories of steel bars from China will be implemented.
What to watch
The simultaneous application of restrictive measures against Chinese steel and preferential quotas for South Korean steel underscores a highly targeted approach to managing the UK’s steel market. Importers and downstream users should note the key implementation dates in July and September, which will shift the competitive landscape for these specific commodities.