Egypt may cut tariffs on steel and cement

Dead Sea: Egypt might cut export tariffs on steel and cement towards the end of the year on expectations of a decline in world prices, Trade Minister Rachid Mohammad Rachid said yesterday.

The government imposed duty on exports of cement and steel products in late February in response to rising domestic prices and to prevent foreign buyers benefiting from Egyptian subsidies.

"We expect by the end of this year there will be some stabilisation and decline in the world prices which will allow us to reduce export tariffs," the minister told Reuters on the sidelines of the World Economic Forum conference near the Dead Sea in Jordan.

The government imposes a tax of 65 pounds ($11.42) for every tonne of cement exported, and 185 pounds for every tonne of steel, Rachid said.