Steel rebar prices in Egypt decreased over the week to Thursday October 29 while demand failed to improve again after the Egyptian government reduced the safeguard duty on billet and rebar imports the week before, sources told Fastmarkets.
The duty for imported billet has been reduced to 13% in the cif market with a $60-per-tonne minimum, compared to a 16% duty and $75-per-tonne minimum in effect since October 2019, Fastmarkets understands.