Turkish economy minister Nihat Zeybekci has stated that the economy ministry’s decision to decrease import duties on rebar is now awaiting the approval of the Turkish cabinet of ministers, according to Turkish daily Hurriyet. Furthermore, minister Zeybekci indicated that the ministry will not remove VAT on rebar prices - a measure which had been favored by Turkish steel producers.
Meanwhile, Tahir Tellioğlu, chairman of both the Construction Sector Assembly of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) and of the Construction Contractors Confederation (IMKON), stated that the decrease in import duties will be a positive step and added that they expect that the 40 percent import duty on rebar will be decreased to 30 percent and, accordingly, that it will easier to import cheap rebar from overseas, which will lower the high price levels in the domestic market.