Prices for imported steel billet in Egypt increased in the week to Thursday April 16, but market activity remained weak because of the response to the Covid-19 pandemic, sources told Fastmarkets.
Demand is weak, and buyers have little interest in placing new orders since Egypt's Ministry of Trade and Industry announced a six-month delay to the proposed reduction in safeguard duties on billet and rebar, sources told Fastmarkets.The definitive safeguard duty for billet was 16% of the cif price and a minimum of $74 per tonne and applied from October 12, 2019, until April 11, 2020. It was set to fall to 13%, with a $60-per-tonne minimum payment,...