Egypt investigates Turkish 'dumping' on local steel industry

Resource from: Ahram Online Likes:107

Dec 27,2013

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. Earlier this week, Egypt's Metallurgical Industries Chamber estimated the losses that domestic steel producers have witnessed — due to the large imported quantities — at $0.4 billion since November. Ezz Steel is the dominant steel producer in Egypt and the Middle East region, with around 55 percent of the Egyptian steel market. Solb Misr and Beshay Steel share 35 percent of the market. Smaller steel factories make up the remaining 10 percent.

(Ahram Online)

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