Egypt’s Ministry of Trade and Industry plans to review import duties on iron billets and steel rebar amid low domestic billets production, according to local media reports.
The Ministry had imposed progressive duties on imports of billet in October 2019 until April 2022 with a declining rate, starting from 16pc/mt of billet imported. The move comes after a supply crunch causing factory closures due to slow sales.
The alterations in import duties are scheduled in April following which the duties on iron billets could be reduced to 10pc from the previous 13pc and duties on steel bars could be slashed to 17pc from 21pc.
Annually, Egypt produces close to 8mn mt rebar and about 4.5mn mt billet, while it imports 3.5mn mt of billet, according to Egypt’s Chamber of Mineral Industries data.