New duty in Egypt will not pressure imports due to exemption

Egypt's Ministry of Finance's decision to exempt finished steel imports from the recently imposed 10% duty may support further import flows of steel flats to the country and offer some very limited support to local suppliers, sources said.

“There will be almost no impact on steel flats importers because any company with an industrial registry, including small service centers and stampers, can import their monthly consumption of raw materials," one re-roller from Egypt told Fastmarkets. “Moreover, 90% of traders have registered machinery, mainly cut-to-length, slitting and tube making, so they will keep importing as normal.“
“The remaining 10% of traders will be affected because they won’t be able to import, stock and sell like they used to, which is an opportunity for domestic producers Ezz Steel and Kandil Steel to slightly increase their market share,” the re-roller added.

This duty will not help the local market too much, however, it will just slightly...

Published

Serife Durmus

Marina Shulga

July 21, 2020

13:10 GMT

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