(c) shutterstock.com

Duties apply to almost the entire range of rolled products, in particular, rods, wire rod, steel coils and rebar

The Egyptian Ministry of Trade and Industry has issued a decree extending customs tariffs on steel imports from Ukraine, China and Turkey for another 12 months, Zawya reported with reference to Egypt Gazette.

Duties apply to almost the entire range of rolled steel, in particular, rods, wire rod, rolls and rebar.

The resolution comes into force on June 6, 2022, and will be reviewed after its expiration.

In 2021, Egypt abolished 15%-rebar duty and 25%-billets duty. In the first half of the year, Egyptian rolling mills faced a shortage of billets in the domestic market. Businesses were forced to close because of supply disruptions.

On March 17, 2022, the Central Bank of Egypt obliged importers to import products in Egypt, including steel, only with letters of credit, to strengthen control over imports and reduce dependence on foreign currency.

Prior to the introduction of restrictive measures, Ukraine’s share in the import of billets to Egypt was 40-50%. The main Ukrainian exporters of billets to the country were the Ukrainian steel enterprises ArcelorMittal Kryvyi Rih and the Dnipro Metals Plant.