Egypt's trade and industry ministry opened an investigation into the harmful impact of substantial steel imports.
Egypt’s Ministry of Trade and Industry opened Tuesday an investigation into the harmful impact of state steel imports from Turkey, the ministry stated.
According to the statement, steel imports increased 20 times in December to record 60,000 tons, compared to 3,000 tons in October.
The stonking rise in imports followed Egypt issuing in November a decree to lift anti-dumping duties on imported steel after authorities concluded there is no harm to domestic steel production from more imports.
The decree came after 12 Egyptian steelmakers submitted an appeal in September 2012 to the trade and industry ministry due to concerns that more steel imports may cause a deterioration in the domestic steel market.
The monthly steel consumption of Egyptians stands at 500,000 tons, which are more than covered by domestic production.
Consumers demand imported steel despite the availability of local rebars because of the significant price difference, as the imports stand at $600 per ton whille domestic steel is sold for $715 per ton.