Egypt imposes import tariffs on steel from three countries.
Egypt has implemented new regulations for the import of rebar steel from China, Turkey and Ukraine by imposing temporary import tariffs, the trade ministry announced on Tuesday.
The decision was taken to protect local manufacturers suffering from losses as many in the region have voiced their concerns over the dumping of cheap steel imports in their countries, especially from China.
Egypt's Ministry of Trade set tariffs at 17% for Chinese steel, 10-19% for Turkish steel, and 15-27% for Ukrainian steel, Reuters reported.
Trade Minister Tarek Kabil, said: "It (the decision) is intended to protect local manufacturing from harmful practices by imported alternatives."
Steel manufacturers in the region have urged governments to take similar steps to help regulate inflow of dumped foreign products which has been causing damage to local markets over the past few years.
In February, UAE-based steel manufacturer Conares said that more regulations must be passed to help support the local business in the emirates.
"We are trying to address these challenges by providing quality certified items in conjunction with marketing 'Made in UAE' steel products, which we believe, would help us avoid losing market share to foreign dumping," said Bharat Bhatia, CEO of Conares.
The UAE and neighbouring countries have traditionally kept steel tariffs low to facilitate local building booms, but have seen governments take action recently to establish better regulations.
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|Date:||Jun 7, 2017|
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