Table 310.73 2001-5000 volts M.V.105.
500kcmil =530 amps for derateing 475 for terms(110.40). As i see it no derateing for a bank of pipes in open air. Thus 2000 amp requirement = 4 sets 530x4=2120
or 4 sets 475= 1900 amps.
240.101 states fuse can be 3 times conductors ampacity breaker or electronically actuated fuse up to 6 times.
So as I see it conductors must be rated for the ampacity of the true load. Over current protection can be higher then conductor rateings.
The highter amps rateing 105% for derateing only the 90% rateing for terms.
so if load is 1900 amps or below 500s can be used ,fused at 2000 amps.