The removal of a safeguard duty on imports of steel billet into Egypt earlier this week has resulted in a revival of trading activity in the local market, with various sellers rushing to grasp the opportunity because of unfavorable situations in other areas.
The Egyptian Ministry of Industry & Trade suspended the country's 10% safeguard duty on imported billet with effect from Monday November 15.The lowest price of $655 per tonne cfr was achieved in a booking of 50,000 tonnes of Iran-origin billet. The material was said to be sold from a trader's position so shipment was expected to...