Egypt’s Supreme Administrative Court, which was due to rule on the issue of the country’s safeguard billet duty on October 5, has postponed its decision by another week. Moreover, according to sources, some of the judges have been recently replaced which means the sides will have to present their positions to the renewed court. However, market players now rely more on the expected decision of the Ministry of Industry and Trade.
“We don’t care anymore about the court case that was opened six months ago and [its validity period] is coming to an end on October 15. So the minister has to decide something by that time,” a trader told SteelOrbis. The scenarios include the gradual reduction of the duty rate within three years, one from seven to three percent, another one from 15 to 10 percent.
