Egypt’s Ministry of Trade and Industry is expected to review import duties on iron billets and steel rebar, as a decision could be taken by April.
Industry sources state that the duty on iron billets would be reduced to 10%, from the previous 13%, and to 17% from the previous 21% on steel rebar, starting from April.
The upcoming changes in import duties comes as part of the semi-annual review which is due in April.
In 2019, the Egyptian Government issued a decree placing anti-dumping measures on imported steel billets and steel rebar for a period of three years, which is scheduled to come to an end on 11 April 2022.
According to the previous decree, billets and rebars would be subject to a declining rate of anti-dumping duties. Billets would be subjected to 16% in the first year, 13% in the second year, and 10% in the third year, starting from April 2021.
Steel rebar, on the other hand, are to be subject to 25% in the first year, 21% in the second year, and 17% in the third year, starting from April 2021.
Naeem Research sees that the continuation of the tariffs bodes well for integrated steel producers such as Ezz Steel and its subsidiary Al Ezz Dekheila Steel.
