Egypt's Ministry of Trade and Industry has announced an EGP 20/mt ($4) increase for certain steel products in the country's export tax, which it initially imposed in February this year. As a result, the taxes on billets and DRI (direct reduced iron) products have increased from EGP 160/mt ($28) to EGP 180/mt ($32). Meanwhile, the export duty on certain cold rolled products has been terminated.
The country's minister of trade and industry, Mr. Rachid Mohamed Rachid, explained this latest move by the need to increase the level of competition in the domestic market, and also to decrease the gap between the local and international markets. However, he specified that the Egyptian government does not intend to impose the export tax for steel products on a permanent basis, but only until increased competitiveness is achieved in the local market.