Egypt imposes 6.8 percent import duty on rebar

The Egyptian government has decided to impose a temporary import duty of 6.8 percent on rebar, upon requests of local steel producers, to protect the domestic industry. The import duty is expected to remain in force for almost seven months and will be at a minimum of EGP 299/mt ($48/mt).
 
Turkey, whose rebar exports to Egypt stood at 426,434 mt in the first nine months of 2012, will also be exposed to competition risks caused by the 6.8 percent import duty.
 
This week, Turkish steel mills' rebar offers to the Egyptian market have been standing at $605-615/mt CIF. On the other hand, local traders have been selling Egypt origin rebar in the domestic market at the price level of $630-640/mt ex-warehouse.