The value of Egypt’s iron and steel exports declined by about 19% during January-July of this year to reach $1.17 billion, compared to about $1.43 billion in the same period last year, according to government data.
The data revealed a decline in Egypt’s iron and steel exports by more than 40% during the month of July alone, which witnessed the export of products worth $134 million compared to $226 million in the corresponding month last year.
Sources in the steel sector attributed the decline in export revenues to two reasons: the first is the decline in global prices during the current year compared to last year’s prices, and the second is the decline in export quantities by about 11.5%, down to 1.769 million tons in the first seven months.
By the end of last July, global prices for some steel products had fallen by up to $50 per tonne, the most significant of which was hot flat steel coils, which ranged between $530-540 per tonne by the end of last July, compared to $590 by the end of July 2023.
In June, the Canada Border Services Agency (CBSA) announced a preliminary determination to investigate anti-dumping duties against imports of wire coils from Egypt, China and Vietnam.
The Canadian regulatory authority imposed a preliminary anti-dumping tariff of 49.7% on Suez Steel Company and 99.8% on the rest of the wire coil producers from other companies in Egypt.
As a result of the new duties in Canada, Egyptian iron and steel exports to Canada declined during July alone by 48% year-on-year to about $6.4 million, while exports to Canada in the first half of the year had grown by 143% to about $25.3 million year-on-year.
Turkey topped the list of countries importing the most Egyptian iron and steel products, with exports worth $158.9 million, while Spain came in second place with $118.6 million. Italy came in third place with $113.6 million, followed by the United States with $109.4 million, Romania with $66.2 million, and Saudi Arabia with $52.7. The data revealed a significant decline in Egyptian iron and steel exports to Spain, Italy, and the United States during July, as exports to these markets fell by 99%, 79%, and 84%, respectively, while exports to Saudi Arabia, Turkey, and Romania jumped by 1382%, 49%, and 35%, respectively.
