Egypt renews import duties on steel rebar, iron billets

Egypt has re-imposed customs tariffs of 25 percent on steel rebar and 16 percent on iron billets for three years, the trade and industry ministry said on Friday.

The tariffs will take effect on Saturday and will gradually decrease over a three-year period.

The ministry first imposed the import fees on steel rebar and iron billets on 15 April for a period of six months, with the option to extend them if necessary.

Iron billets were subject to a 15 percent tariff in the April decision.

The ministry said the introduction of tariffs was in response to a rise in imports that had hurt the local industry.