While the local fasteners distributors are still reeling from a 48.01% safeguard duty on set screws, an eye watering 102.10% safeguard duty has been imposed on threaded rod and nuts with effect from 26 July 2019. This is the highest safeguard duty we have yet seen and which has the potential to cripple many fastener distributors. The investigation was initiated on the 1st of March 2019 , you can read more about it here.
The products affected are threaded rod of iron and steel: Bolt ends & Screw Studs, Screw Studding and other hexagon nuts imported under the tariff subheading 7318.15.41, 7318.15.42 and 7318.16.30. All countries are affected with exception to developing countries specifically listed in the gazette.
The duties will remain in place up until the 10th of February 2020, while ITAC continues with the investigation. Following the safeguard duty , ITAC has invited all interested parties to a public interest hearing to be held on the 28th of August. This is an opportunity to discuss all the pertinent issues regarding the investigation.
Interested parties have up until the 12th of August to indicate their interest to attend as well as submit the oral presentations to be discussed on the day. This will be an open hearing with all parties present.