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CRU: Steel Billet Trading Ban in Egypt

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The issue started in mid-2017, when Egyptian authorities placed temporary import tariffs on the import of rebar steel from China, Turkey and Ukraine on June 6, 2017. On December 6, the tariffs were extended for five years. While this helped control rebar imports into the country, billet imports continued unabated. This is because domestic independent re-rollers continued importing billets to roll into rebars.

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This had an impact on the pricing of rebars by the integrated steel makers in the country. As a result, these companies requested an increase in rebar duties and an introduction of duties on billet. However, this was met with resistance by the re-rollers in the countries as this would have raised their costs. As a result, this ruling to allow re-rollers to import billets seems to be a win-win situation for both the parties.

CRU is investigating what impact this will have on billet imports. Re-rollers will still be able to do so on their own and all indications as of now is that manufactures will import by themselves or through agents with end-use certificates. However, importing directly will require them spending lot of management and financial bandwidth on an activity which is not their core area of expertise, so it remains to be seen how successful that will be.

Read the full story: https://www.crugroup.com/knowledge-and-insights/insights/2019/steel-billet-trading-ban-in-egypt/

Read more about CRU: http://bit.ly/About_CRU

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About CRU

CRU offers unrivalled business intelligence on the global metals, mining and fertilizer industries through market analysis, price assessments, consultancy and events.

Since our foundation by Robert Perlman in 1969, we have consistently invested in primary research and robust methodologies, and developed expert teams in key locations worldwide, including in hard-to-reach markets such as China.

CRU employs over 280 experts and has more than 11 offices around the world, in Europe, the Americas, China, Asia and Australia – our office in Beijing opened in 2004 and Singapore in 2018.

When facing critical business decisions, you can rely on our first-hand knowledge to give you a complete view of a commodity market. And you can engage with our experts directly, for the full picture and a personalised response.

CRU – big enough to deliver a high-quality service, small enough to care about all of our customers.

SOURCE CRU

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