As per media reports, Minister of Trade & Industry, Mounir Fakhry Abdel Nour, during a visit in the Suez Governorate on 19 Apr’15 announced 8% anti-dumping duty on imported steel for 3 years. The minister had came to visit a plant with Ahmed al‐Wakeel, the head of FEDCOC (Federation of Chambers of Commerce).
Mr. Nour urged, “The government has imposed the duty for a maximum period of 3 years and will gradually reduce it from EGP 408/MT to EGP 175/MT until domestic steelmakers develop plans that will allow them to fulfill increasing demand.”
The minister, while citing documents submitted by domestic steelmakers, mentioned that the losses of local Steel producers estimated to EGP 496.25 million during the first nine months of 2014 owing to huge inventories.
Earlier in Oct’14, the Egyptian government had proposed a 7.3% temporary duty with minimum EGP 290/MT (USD 45.5/MT) for maximum 200 days. The government had taken this step after the Federation of Egyptian Industries (FEI) requested the Ministry of Industry & Trade to put a halt on import of Chinese steel in order to protect domestic production.
Egyptian Steel manufacturers have also complained of rising imports from Turkey, the world’s largest exporter of Rebars. As of now, imported Rebar in the nation is being sold at USD 435/MT, while domestic Steel at USD 668/MT.
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