Turkey cuts import duties on rebar in bid to ease local prices
ANKARA - Anadolu AgencyTurkey has slashed import duties on rebar, by two-thirds in some cases, an official announcement said on July 28.
Duties on rebar imports from EU member states and Malaysia were cut from 30 percent to 10 percent, according to the Official Gazette.
Customs duties on rebar from South Korea, with which Turkey has a free trade agreement, were reduced to 5.6 percent.
The move came after a recent surge in the price of domestic rebar, a staple material in building construction.
Thousands of Turkish construction companies complained of a skyrocketing rise in rebar prices and a visible undersupply in the material back in May.
In response to the sector’s demand to decrease rebar prices, Turkish authorities said earlier in May that there was no problem with rebar production in the country, adding that they would take measures to ease the price increases.