Turkish economy minister Nihat Zeybekci has stated that the Turkish cabinet of ministers has signed a decree for the reduction of import duties on rebar by more than half from the current level of 30 percent, adding that the decision will be announced officially soon, according to a report by Business HT. Minister Zeybekci also stated that the lower import duties will continue as long as needed depending on the situation in the domestic market.
At the end of last month, the Turkish economy minister had announced plans to decrease import duties on rebar in order to limit the increases seen in rebar prices in the domestic market. In response, Fuat Tosyalı, chairman of the Turkish Steel Producers' Association’s (TCUD), said that Turkish steel producers favored the removal of VAT on rebar prices instead of reduced import duties.