The Israeli government has announced the imposition of a $133/mt temporary guarantee deposit payment on all rebar imports into the country, valid for a period of six months.
According to the official announcement released by the Israeli industry and trade ministry on June 17, the ministry decided to impose the payment with immediate effect after they determined there was a need for a measure to protect local manufacturers against "the unexpected rise of imports which caused severe damage to the local industry."
In its announcement the ministry added that the payment of $133/mt on rebar imports constitutes a temporary guarantee until the final decision in the current antidumping duty investigation against imports from Turkey, Spain and Italy.
On March 26, Israel initiated the investigation into imports of rebar and wire rod from Turkey, Spain and Italy, following the approval of petitions filed by local Israeli producers Hod Asaf Industries Inc. and Yehuda Steel Inc. on March 24, 2009. The said petitions alleged that the increased import rate of the products in question and/or the import conditions led to material injury or pose a threat of material injury to a domestic industry in Israel.
Market players in Israel have commented that they find the decision to be outrageously wrong and biased without any grounds. They have also commented that the decision will have an immediate effect but that there is still uncertainty over how the decision is going to be applied, and whether deposit payments could be retained permanently even if the findings of the abovementioned antidumping duty investigation are negative.