CAIRO: The Chamber of Metallurgical Industries (CMI) at the Federation of Egyptian Industries (FEI) appealed to the Anti-Dumping and Subsidy at the Ministry of Industry and Trade to control import of Chinese steel to protect national production, Youm7 reported Sunday.
Head of CMI Mohammed Hanafi announced they presented an official complaint to the Ministry of Trade on Sunday to take an actual step to prevent the import of Chinese steel freight into the Egyptian market. This would protect the national steel production and those who can get harmed in the production of Chinese Steel.
“Intense contact between CMI, the Egyptian Custom Authority, and the Ministry of Trade to either prevent Chinese steel from entering the market or imposing dumping fees,” Hanafi said. Dumping fees would raise the price of the steel and would prevent mass demands.
Besides imposing dumping fees, CMI will work on clearing specifications and quality differences between imported and local steel. “The chamber seeks to protect people first since it has low and weak rigidity and quality and balance the prices,” Hanafi said.
“The prices of Chinese manufactured steel are less than the prices of the imported raw billet at $20,” he said and that the prices of the imported-raw billet increased to $90 while imported steel are worth $70.
Following the past hike in steel prices, a number of steel importers and traders in Egypt have already agreed on buying large quantities of Chinese steel as a step to enter the Egyptian market once they get a chance, head of Building Material Division at the Cairo Chamber of Commerce Ahmed Al-Zeiny told The Cairo Post on Aug. 6.
“The quantity of Chinese steel already entered Egyptian markets,” Zeiny said, pointing out that allowing bigger import of Chinese steel will destroy the local industry.
After the Eid vacation in August, Egyptian steel companies added an extra 150 EGP per ton, which caused prices to reach 5,200 EGP per ton while imported steel reached 4,900 EGP per ton despite international stability in steel prices at $570 per ton, Mubasher reported Aug. 2.