Egypt to make decision on rebar import duty next week

After imposing a duty of 6.8 percent or a minimum EGP 299/mt on all rebar and wire rod imports for seven months back in November 2012, Egypt is expected to make its decision on what to do with this duty on June 19.
 
According to Turkish customs data, in the period between December 2012 and April 2013, Turkey's rebar exports to Egypt amounted to only 25,778 metric tons, compared to 219,863 metric tons in the same period one year earlier. In the first quarter of the current year, Turkey's rebar exports to Egypt fell to the lowest level since the first quarter of 2008, totaling 20,807 metric tons.
 
In November 2012, just before the imposition of the import duty, major Egyptian producers' domestic rebar prices were hovering at about EGP 4,000-4,080/mt ex-works, including eight percent VAT, while these producers' prices have reached EGP 4,930-4,950/mt ex-works in June this year. In the meantime, Turkish rebar offers to Egypt are standing at $585/mt CFR.