Kuwait’s increase in customs fees for iron rods and cables used for construction purposes from five per cent to ten per cent will extend until February 2019, a media report said.

The Ministry of Finance took the decision after consulting with the Ministry of Commerce and Industry, and after the cost of iron witnessed some stability within the range of KD220-KD230 ($732-$765) per tonne, reported Al-Qabas, citing sources.

The sources said that the new customs fees will increase the prices of imported iron adding a competitive advantage to local producers.