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Turkey slashes import duties on rebar

Turkey slashes import duties on rebar

ANKARA: Turkey has slashed import duties on rebar, by two-thirds in some cases, said an official announcement on Friday.

Duties on rebar imports from EU member states and Malaysia were cut from 30 per cent to 10 per cent, Turkey’s Anadolu Agency (AA) reported according to the Official Gazette published on Friday. Customs duties on rebar from South Korea, which Turkey has a free trade agreement with, were reduced to 5.6 per cent. The move came after a recent surge in the price of domestic rebar, a staple material in building construction.