The Egyptian authorities are still taking their time to give their final word in the confrontation between local steel producers and re-rollers regarding the import billet safeguard issue.
The previous appeal filed against the safeguard duty suspension was rejected by Egypt’s Administrative Court last month. As a result, steel producers together with the Ministry of Trade and Industry have filed another claim, but this time to the Supreme Administrative Court. According to the market sources, the decision will be announced on August 17. “Even though it is not official, it means that the Court has accepted the claim,” a local market player said.
As a result, as there is still no closure on the safeguard issue, the trade restriction remains in place, SteelOrbis understands. “Whoever is clearing the billet at the port is paying the duty but with a bank guarantee so that, if the restriction is cancelled, they will get their money back,” an Egyptian steel producer explained.