The International Conventions Sector of Egypt’s Ministry of Trade and Industry rejected demands from rebar producers to re-impose a 10 percent customs duty on imported rebar, Arab Steel reported.
The sector sent a rejection note to the Industries Union informing it of the decision made regarding the demand of rebar producers through the Chamber of Metal Industries.
The chamber in a statement said that the demand to impose duties arose due to recurring losses incurred by public and private mills in Egypt for more than two years, which led to stockpiling their production up to 1 million tons. Meanwhile, it said imports from Turkey last year reached up to 3 million tons, capturing 50 percent of the Egyptian market.
The head of the International Conventions Sector said that the free trade agreement with Turkey forbids levying such duties, which were cancelled in February 2008.
