The Egyptian authorities have adjusted the size of their trade restriction on billet imports for the coming months. The safeguard duty has been set at $65.68/mt based on the price of $437.9/mt CFR, which equals 15 percent, SteelOrbis has learned. Previously, the respective figures were $61.8/mt and $455/mt CFR.
Billet import trade in Egypt has been slow, partly as market players expect the final decision on the duty case to be announced by the Supreme Administrative Court on September 7. In addition, billet prices have fallen globally, resulting in lower bids from buyers and generally causing them to be reluctant to restock.
Ex-CIS billet has been available at $380-385/mt FOB, while ex-Turkey billet is being offered at $400-405/mt FOB, with CFR offers to Egypt mainly heard within $410-415/mt. Bids, however, are reported at $400/mt CFR and below, SteelOrbis understands.
