The European Union announced a 2.5% reduction in the provisional anti-dumping duty imposed on its imports of Egyptian hot-rolled steel, bringing it to 12.8% from 15.3%, effective April 7, for a period of six months until a final decision is made.
The Chamber of Metallurgical Industries indicated that this amendment is the result of the efforts of the Anti-Dumping and Subsidy Authority of the Ministry of Trade and Industry, in coordination with the European Commission, in an attempt to cancel these duties imposed by the European Union last month.
The Chamber added that the duties were imposed due to the increase in EU imports of Egyptian steel, along with other shipments from Vietnam and Japan, which prompted the European Commission to review market conditions and implement this decision.
The Chamber expects these duties to directly impact Egypt’s exports of hot-rolled steel to the European Union, predicting a significant decline in export quantities in the coming period. Egypt’s hot-rolled steel exports represent more than 50% of the sector’s total exports to the European Union, equivalent to approximately 694,000 tons annually, valued between $1.2 and $1.3 billion.
The European Commission issued a statement last March announcing its intention to impose an initial 15.6% anti-dumping duty on imports of hot-rolled flat steel from Egypt, before deciding to reduce it in the final decision.
