Finance Minister Ronnie Bar-On on Sunday cancelled the 10 percent duty on steel tariffs in response to the sharp rise in steel prices around the world weighing on the costs of constructors and builders. The treasury estimated that the cancellation will save the economy NIS 5 billion in the long-term. Bar On's decision, which was announced at the end of last month, follows a request by the Association of Contractors & Builders, to combat the increase of more than 60% in steel prices in recent months. The ACBI asked for the duty to be canceled so as to enable steel to be imported from additional countries and improve competition on the market. The association warned last month that as a result of the price hike, the average cost of building an apartment of 100 square meters had gone up by an estimated NIS 30,000.