I purchased the collectors edition in Australia on the 30th March and my CD key was rejected too. I thought it was because Steam wasn't releasing the game until 1st April.
However I did work out the issue and got to play the game.
1. Log in to your Steam account.
2. Go to your Library and you will see the game listed.
3. Right click on the game to bring up a menu.
4. Select 'view game CD key'
5. You will find this CD key is different to the one that came with the boxed game. You can click the button on the bottom of the window to copy this CD Key to the clipboard. Paste this Key in the 'activate game' window and you should be good to go!
Hope this helps.