Egypt lifts anti dumping duty on imported steel

27/11/2013 12:00 - 466 Views

Egypt has issued a decree to lift anti-dumping duty on imported steel after authorities concluded investigations that show there is no harm on domestic steel from more imports, the Ministry of Trade and Industry has said.

The decree came after 12 Egyptian steel makers had submitted an appeal in September 2012 to the Trade and Industry Ministry due to worries that more steel imports may cause deterioration in steel domestic market.

Steel rebar prices rose by just over 10 per cent in January to reach 4,850 Egyptian pounds (718 USD) from 4,400 Egyptian pounds (651 USD), the local press reported in February.

The price increase has largely been driven by the fall in the Egyptian pound against the US dollar, which was caused by Egypt’s political and economic outlook.

Within local traders' appeal, the ministry imposed a temporary 6.38 per cent import tariff on imported steel, with a minimum charge of 299 Egyptian pounds (44 USD) per tonne during the period from September 2012 to June 2013.

Source: en.aswatmasriya.com