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 percent to 10 percent, 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 percent.

The move came after a recent surge in the price of domestic rebar, a staple material in building construction.