Egypt imposes export tax on long and flat steel products

The Egyptian Ministry of Trade and Industry has reportedly imposed an export tax to the amount of EGP 160/mt (approx. $28/mt) on long and flat steel products in an effort to control domestic steel prices and exports. The new law, effective as of today according to reports, stipulates that the producers inform the government about their weekly production figures and also regarding their domestic and export sales. Meanwhile, it has not yet been clarified whether the new law will be applied to contracts that have not yet been concluded, or to cargoes that have not yet been shipped. As soon as the details and content of the new regulation are clarified, we will post them immediately.