World Economy

8% Tariff on Steel Imports

8% Tariff on Steel Imports8% Tariff on Steel Imports

Egypt imposed Sunday an eight percent tariff on CIF (cost, insurance and freight) with a minimum of LE408 ($53.4) per ton to be eliminated gradually over three years. The decision aims to reinvigorate an industry suffering from losses due to cheap imports, Minister of Foreign Trade and Industry Mounir Fakhry said, MENA reported. Losses of the local steel industry mounted to LE496.3 million in the first nine months of 2014, added Fakhry. Domestic steel producers filed a petition in June 2014, after which the ministry imposed a temporary tariff on CIF of 7.3% and began an investigation into the matter. Egypt’s steel manufacturers had complained of increasing imports from Turkey, the world’s top exporter of reinforcing steel. It was also reported that a number of steel importers in Egypt had already agreed on buying large quantities of Chinese steel as local steelmakers and raised prices by LE150 per ton.