Egyptian court rejects billet safeguard appeal

A court in Egypt has overruled objections by the government to the overturning of steel billet import sanctions, meaning the 15pc duty cannot be charged.

The judge suspended the safeguards at the beginning of the month, but the government, backing integrated steelmakers, appealed this decision. Billet imports were still subject to the charge until the final decision was announced.

It is unclear whether the tariffs will be immediately lifted, which would allow cargoes to clear customs today without being subject to the tariffs, market participants said.

The Egyptian government's investigation into permanent safeguard duties is continuing and a decision is expected to be reached by October.