The import price for steel billet in Egypt fell in the week ended Thursday September 5, with market activity limited by buyers who were waiting until a court decides on the imposition of an import safeguard duty on the expectation that prices will subsequently fall.
Egypt's Administrative Court suspended temporary safeguarding duties on billet and rebar in July, prompting a flurry of legal activity, which eventually led to the scheduling of a final session to discuss the matter on August 4. That meeting has now been postponed for a third time and is now due to take place on September 8. The customs authorities in Egypt have...