Government should monitor market for price increases after extending tariffs on steel rebar imports

The government’s decision to extend tariffs on steel rebar from China, Turkey, and Ukraine for five years should be accompanied with monitoring the domestic market to ensure producers do not gouge prices, a member of the Federation of Egyptian Industries says. The tariffs will reduce competition from foreign exporters and could drive producers to raise prices domestically, according to Ahram Gate. The tariff was first implemented in June to protect local manufacturers and set at 17% for Chinese steel, 10-19% for Turkish steel, and 15-27% for Ukrainian steel.