The Egyptian government announced the early cancellation of protective duties of 15% and 25%, respectively, on billet and rebar. These tariffs came into effect in 2019. According to the decision, it would be valid until April 2022. However, the situation has changed.
Egypt's Minister of Trade and Industry Nevin Gamea said the decision was taken this year to support the national industry, which is facing higher prices for raw materials, energy and transportation. The removal of taxes is expected to help lower local prices for rolled products.
According to local experts, an increase in billet imports should be expected in the near future, as Egyptian distributors have been complaining about the shortage of semis for a long time. At the same time, the country continues to impose its usual import and anti-dumping duties on rebar, so a significant increase in imports is not expected.
Comments
No comment yet.