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Wednesday, 8 December 2021

US PVC gets anti-dumping duties

The Trade and Industry Ministry will impose a 9% anti-dumping duty on imports of US PVC for a five-year period in a bid to protect the local industry. (Anti-dumping duties are generally imposed when a country thinks the seller is “dumping” product in a market at prices below the cost of production or in a way that unfairly threatens local industry.) Indian industrial chemical manufacturer TCI Sanmar, Egypt’s largest producer of PCV, welcomed the imposition of the anti-dumping duties. The Indian-owned company suggested in a statement (pdf) from its legal counsel, Al Tamimi & Co, that it will go ahead with its planned USD 200 mn investment in its Egyptian operations next year.

MARKET WATCH- The Central Bank of Egypt sold USD 1 bn of one-year USD-denominated treasury bills with an average yield of 2.995% in an auction yesterday, according to official figures. The offering was 1.15x oversubscribed, with investors placing bids worth USD 1.15 bn.

Hassan Allam Construction is setting up a new construction firm with Russia’s Titan-2 to handle construction work on the Dabaa nuclear power plant. The new entity should be formed by next February.

Other things we’re keeping an eye on this morning:

  • Kadmar Shipping’s new line transporting agricultural crops between Alexandria and Russia will begin operating on 20 January.
  • The Federation of Egyptian Industries’ readymade garments division and IFC are working on a new program together to upgrade supply chains in the textile industry.

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