14946
8% Tariff on Steel Imports
World Economy

8% 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.

Short URL : http://goo.gl/cvsjh4

You can also read ...

Mastercard Files Patent to Use Blockchain
Mastercard has filed a patent that reveals it might utilize...
Egypt Growth to Reach 5.2%
The International Monetary Fund expects economic growth in...
Indonesia Growth Accelerating
Economic data released so far this year shows a pick-up in the...
In Europe, the Stoxx 600 index edged 0.103% higher by mid-day in Frankfurt, with similar percentage gains for benchmarks around the region.
Global stock markets followed Wall Street higher Wednesday...
Consumers are starting to realize the extent to which digital services profit from their personal information.
Before the threat of a US-China trade war arose, surging stock...
Household waste recycling installation.
The Circular Economy package, with recycling targets and other...
Turkey Sees 4.1% Growth
Turkey’s economic growth will fall short of the government’s...
Gold Rally Coming
Be patient when it comes to gold, says one analyst, projecting...

Trending

Googleplus