{"id":593622,"date":"2019-10-03T04:04:00","date_gmt":"2019-10-03T04:04:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/long-delayed-steel-tariffs-ruling-takes-its-toll-on-local-steelmakers\/"},"modified":"2019-10-03T04:04:00","modified_gmt":"2019-10-03T04:04:00","slug":"long-delayed-steel-tariffs-ruling-takes-its-toll-on-local-steelmakers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/long-delayed-steel-tariffs-ruling-takes-its-toll-on-local-steelmakers\/","title":{"rendered":"Long-delayed steel tariffs ruling takes its toll on local steelmakers"},"content":{"rendered":"

<\/a> Long-delayed steel tariffs ruling takes its toll on local steelmakers:<\/b> Egyptian steel companies have slashed prices as they struggle to cope with the uncertainty caused by the delayed ruling on the government\u2019s imposition of tariffs on rebar and iron billets, S&P Global Platts<\/a> reports. Ezz Steel cut its wire rod prices by more than EGP 1k to EGP 10.8\/mt and its rebar prices to EGP 11,290 from EGP 11,500\/mt. Elmarakby also knocked EGP 700 from its rebar prices to EGP 10,800\/mt.<\/p>\n

The courts are taking their time.<\/b> The administrative court in July ruled against a decision<\/a> by the Trade Ministry to impose a 15% import duty on iron billets and a 25% duty on rebar for 180 days. The ministry appealed the decision but the court has postponed ruling on the case three times since August. Two judges resigned from the panel<\/a> for unknown reasons, resulting in the hearing being rescheduled twice inside a week. The court was then supposed to produce a ruling in September but again pushed it, this time to 5 October<\/a>. The ministry is now proposing<\/a> new 7% duties, which would be lowered gradually to 3% over a three-year period.<\/p>\n

Tariff uncertainty isn\u2019t the only thing hurting the industry.<\/b> Steelmakers are facing lower market demand, which CI Capital\u2019s Ahmed Soliman says us reflected in the performance of the cement industry. \u201cDomestic steel demand seems to be deteriorating \u2014 this is a read across from cement demand figures (5-7% down year-to-date), which are highly correlated to steel demand,\u201d he said. Increasing competition from imports is also depressing prices and making it harder for local companies to export. \u201cLocal mills can't compete in the local market without fair conditions with imports, we exported billets before but competing in export markets now might not be possible,\u201d Ramy Saleh, chief business development officer at Elmarakby Steel, said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Long-delayed steel tariffs ruling takes its toll on local steelmakers: Egyptian steel companies have slashed prices as they struggle to cope with the uncertainty caused by the delayed ruling on the government\u2019s imposition of tariffs on rebar and iron billets, S&P Global Platts reports. Ezz Steel cut its wire rod prices by more than EGP […]<\/p>\n","protected":false},"author":1,"featured_media":593623,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[317,72,411,963,9323,2380,69,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-commodities","tag-enterpriseam","tag-judiciary","tag-law","tag-protectionism","tag-speed-round","tag-tax","tag-trade","wpautop","entry"],"acf":{"mongo_id":"349d6aeb-3805-4446-b11a-31f2e0b16aa1","is_powered_by":true,"section_story_id":"c0259657-d7c8-4acf-92ae-7cdcf80435f9","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/9\/2819.jpg","photo_position":"above","related_issue":[593607],"teaser":"","voice_url":""},"yoast_head":"\nLong-delayed steel tariffs ruling takes its toll on local steelmakers - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/long-delayed-steel-tariffs-ruling-takes-its-toll-on-local-steelmakers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Long-delayed steel tariffs ruling takes its toll on local steelmakers\" \/>\n<meta property=\"og:description\" content=\"Long-delayed steel tariffs ruling takes its toll on local steelmakers: Egyptian steel companies have slashed prices as they struggle to cope with the uncertainty caused by the delayed ruling on the government\u2019s imposition of tariffs on rebar and iron billets, S&P Global Platts reports. 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Rolling mills are planning to appeal once again a decision to introduce import duties on steel rebar and iron billets, claiming that the measures will damage their businesses, Al Shorouk reports. The High Administrative Court yesterday overturned a court decision to freeze the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/40.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593862,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/13\/administrative-court-backs-trade-ministrys-steel-import-tariffs\/","url_meta":{"origin":593622,"position":1},"title":"Administrative Court backs Trade Ministry\u2019s steel import tariffs","author":"enterpriseam admin","date":"13 October 2019","format":false,"excerpt":"Has the battle over steel tariffs finally been resolved? The High Administrative Court has overturned a court decision to freeze the Trade Ministry\u2019s decision to impose a 25% duty on steel rebar and a 16% duty on iron billets for three years, the local press reports. The administrative court ruled\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/2819.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573222,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/court-strikes-down-effort-to-end-steel-tariffs\/","url_meta":{"origin":593622,"position":2},"title":"Court strikes down effort to end steel tariffs","author":"enterpriseam admin","date":"26 July 2020","format":false,"excerpt":"DISPUTE WATCH- Court strikes down effort to end steel tariffs: An administrative court has rejected a petition submitted by the Chamber of Metallurgical Industries to cut import tariffs imposed on steel rebar and iron billets for three years, the local press reported on Saturday. This is the second legal challenge\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567561,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/27\/22-rolling-mills-to-halt-production-on-steel-import-tariffs\/","url_meta":{"origin":593622,"position":3},"title":"22 rolling mills to halt production on steel import tariffs","author":"enterpriseam admin","date":"27 January 2020","format":false,"excerpt":"Row over steel import tariffs flares up again: Twenty-two steel rolling mills will suspend production in protest at the government\u2019s decision to place import tariffs on steel rebar and iron billets, according to the local press. The Trade Ministry last year introduced a 25% duty on steel rebar imports and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/705.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572146,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/14\/govt-considering-raising-tariffs-on-imports-of-steel-iron-billets\/","url_meta":{"origin":593622,"position":4},"title":"Gov\u2019t considering raising tariffs on imports of steel, iron billets","author":"enterpriseam admin","date":"14 June 2020","format":false,"excerpt":"The Trade and Industry Ministry is considering raising tariffs on imports of steel and iron billets, an unnamed government official told Al Shorouk. Ministry officials will meet this week with representatives from integrated and rolling mill factories to discuss policies to protect domestic industry during the pandemic, according to the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593653,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypt-reduces-natural-gas-prices-for-three-types-of-factories\/","url_meta":{"origin":593622,"position":5},"title":"Egypt reduces natural gas prices for three types of factories","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Gov\u2019t announces long-awaited decision to lower natgas prices for industry, but only for a few sectors: A ministerial committee lowered on Thursday the price of natural gas for the cement, metallurgy, and ceramics industries after repeated calls by manufacturers, cabinet said in a statement. The price for cement factories was\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/264.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=593622"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593622\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/593607"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/593623"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=593622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=593622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=593622"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=593622"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=593622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}