POLICY ISSUES
The UK customs tariffs for imported steel are a vital component of the nation’s trade regulations. These tariffs outline the duties and taxes applied to various steel products entering the UK. The rates can vary depending on factors such as the type of steel, its origin, and the trade agreements in place. These tariffs serve both revenue generation and protective purposes, helping to maintain a level playing field for domestic steel producers and regulate the flow of steel imports into the country. Importers need to understand and comply with these tariffs to navigate the UK’s steel trade landscape effectively.
ISTA as an organisation will challenge the quotas where we feel that they are unfair or do not allow sufficient free trade into the UK… while being mindful of the necessity to have some protection for UK steel manufacturers allowing for a balanced supply chain.
For more information on available steel UK quotas please visit Trade Remedies Notice 2023/11: safeguard measure: tariff-rate quota on steel goods – GOV.UK (www.gov.uk)
INCOTERMS 2020
Current list of INCOTERMS 2020:
- EXW – Ex Works: The seller makes the goods available for COLLECTION BY THE BUYER at their premises OR ANOTHER NAMED PLACE, and the buyer is responsible for all transportation costs, CUSTOMS OBLIGATIONS, and risks. THE SELLER DOES NOT LOAD THE COLLECTING VEHICLE. THE BUYER IS THE EXPORTER OF RECORD. THE SELLER MUST CHARGE LOCAL TAX, SUCH AS VAT. THIS TERM IS NOT RECCOMENDED FOR INTERNATIONAL TRADE
- FCA – Free Carrier: The seller delivers the goods, cleared for export, to the carrier nominated by the buyer at their premises or another named place IN THE COUNTRY OF DESPATCH.
- CPT – Carriage Paid To: The seller delivers the goods to the carrier or another ENTITY nominated by the seller at an agreed place, and the seller pays the freight to the named destination. THE BUYER HOLDS THE TRANSIT RISK AFTER THE GOODS HAVE BEEN DELIVERED TO THE FIRST CARRIER IN THE COUNTRY OF DESPATCH.
- CIP – Carriage and Insurance Paid To: Similar to CPT but with the addition that the seller also has to procure insurance against the buyer’s risk of loss or damage to the goods during carriage. THE BUYER HOLDS THE TRANSIT RISK
- DAP – Delivered at Place: The seller delivers the goods, NOT cleared for import, to the buyer at an agreed-upon place (usually the buyer’s premises or another named place IN THE COUNTRY OF DESTINATION). THE SELLER HOLDS THE TRANSIT RISK
- DPU – Delivered at Place Unloaded: The seller is responsible for delivering the goods, NOT cleared for import, to the buyer OR ANOTHER NAMED PLACE IN THE COUNTRY OF DESTINATION, unloading them FROM THE ARRIVING MEANS OF TRANSPORT at that location. THE SELLER HOLDS THE TRANSIT RISK
- DDP – Delivered Duty Paid: The seller is responsible for delivering the goods to the buyer’s premises or another named place, cleared for import, and paying all duties, taxes, and costs associated with delivery. THE SELLER IS THE IMPORTER OF RECORD. THE SELLER HOLDS THE TRANSIT RISK.
THE TERMS IN RED SHOULD ONLY BE USED FOR BULK(NOT CONTAINERISED) CARGOES
FAS – Free Alongside Ship: The seller delivers the goods when they are placed alongside the vessel at the named port of shipment. The buyer is responsible for loading the goods onto the vessel.
- FOB – Free On Board: The seller delivers the goods when they ARE LOADED ON BOARD THE VESSEL at the named port of shipment. The buyer bears all costs and risks from that point. [POSSIBLY THIS SHOULD BE REWORDED AS THERE IS NO LONGER A REFERENCE TO PASSING OVER THE SHIP’S RAIL???]
- CFR – Cost and Freight: The seller delivers the goods, cleared for export, onto the vessel at the named port of shipment. The seller also pays the cost of freight to bring the goods to the named destination port.
- CIF – Cost, Insurance, and Freight: Similar to CFR but with the addition that the seller also has to procure insurance against the buyer’s risk of loss or damage to the goods during carriage.