Last week,
Egypt's Ministry of Industry and Trade announced the results of its antidumping (AD) duty investigation regarding imports of
rebar from
Turkey, Ukraine and China. Despite the temporary 10-19 percent AD duties imposed on
rebar imports from
Turkey for a period of four months, a Turkish steel mill has concluded a
rebar sale to
Egypt at $440/mt CFR on actual weight basis.
Although demand in the local Egyptian
rebar market has slowed down slightly due to Ramadan, it is still strong. Also, following the announcement of the government's decision to impose AD duties on the three abovementioned countries, local steel producers have increased their domestic
rebar prices. These two factors have been influential in the conclusion of the Turkish
rebar deal in question, market sources report. It has also been indicated that the price level of $440/mt CFR does not include the AD duty which will be paid by the buyer.