Egypt court suspends steel safeguard measures
Published on 5th July 2019
"Better sense prevails. Blanket safeguard measures has more losers than winners and unexpected distortions in the market place."
The Egyptian administrative court today suspended the implementation of safeguard measures on steel billet and rebar imports, paving the way for re-rollers to resume overseas purchases.
Egypt started imposing provisional safeguard duties of up to 15pc on steel billet and 25pc on rebar imports, in April.
Re-rollers, which are dependent on imported billet, have been objecting to the decision from the start. Several of the larger re-rollers ceased functioning as billet imports virtually came to a halt, market participants said.
Integrated steelmakers — which can cast their own billet and were in favour of the safeguard measures — could appeal the decision, pending further study by the board of state commissioners, market participants said.
Should Egyptian re-rollers resume billet imports, CIS billet prices could find support. But end-user demand in Egypt is muted at the moment, so the decision may not have an immediate impact, traders said.
Source : https://www.argusmedia.com//