Bar-On announced the cancellation of customs duties on iron

The move was in response to the large price increases in recent months. Builders say the savings will not be passed on to consumers
 
Finance Minister Roni Bar-On announced last week the cancellation of customs duties on imported iron. The move was in response to the large price increases in recent months.
 
Though the measure is intended to help building and public works contractors, builders say the savings will not be passed on to consumers, since iron prices have already risen 70% since the start of the year, and the present customs duty is only set at 10%.
 
Iron is a big component in building costs, making up 5.29% of the construction costs index. 66% of the demand for iron is supplied by local producers, with the remainder imported. The long-term savings of the cut is estimated at NIS 5 billion.