April 15, 2019 / 9:47 AM / 11 days ago

Egypt imposes temporary duties of 15 pct on iron billets, 25 pct on steel rebar

Stacks of rebar are seen at a warehouse of the NLMK Kaluga steel mill in Vorsino outside Kaluga, Russia, July 21, 2016. REUTERS/Maxim Shemetov

CAIRO (Reuters) - Egypt has imposed temporary import fees of 15 percent on iron billets and 25 percent on steel rebar for 180 days from Monday, the finance ministry said.

The ministry said the import fees aim to protect national industry against unfair competition.

Egypt said in 2017 that it would maintain tariffs on steel rebar from China, Turkey and Ukraine for a five-year period in order to protect local manufacturers.

Local newspapers said manufacturers had urged the trade ministry to implement the latest anti-dumping measures because of a global oversupply of billets as a result of U.S. import restrictions.

Reporting by Ehab Farouk; Writing by Aidan Lewis and Nadine Awadalla; Editing by Kirsten Donovan

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