Demand for imported steel billet and domestic rebar in Egypt was soft in the week ended Thursday April 23 and was unlikely to improve in the short term because of the start of the Islamic holy month of Ramadan, as well as the Covid-19 pandemic, sources have told Fastmarkets.
No new billet deals have been heard since April 12, when the Egyptian ministry of trade postponed the reduction of the duty imposed on billet and rebar, the sources said.The import safeguard duty on billet was supposed to be reduced to 13% with a $60-per-tonne minimum payment for the period from April...