Egypt’s steel exports declined in January to September of this year to $1.46 billion, a decline of 18% compared to same period last year.
Exports fell by about 11.5% in terms of quantities to 2.25 million tons.
The value of steel imports in January – September of this year increased by 33% to $4 billion, and in terms of quantities, they increased by 45% to 7.5 million tons.
Egypt’s steel exports and imports fall under customs item 72, which includes scrap, billets, lengths, flats, and others.
Egypt’s steel production increased in the specified period by 6.5% to 7.947 million tons, compared to 7.464 million tons in the same period last year.
Steel mill sources said that the increase in imports was supported by the availability of hard currency since the liberalization of exchange rates, which allowed a larger amount of dollars to increase the volume of imports, especially with the decline in global raw material prices.
Steel mill sources said, according to Al Arabiya, that the increase in imports was supported by the availability of hard currency since the liberalization of exchange rates, which allowed a larger amount of dollars to increase the volume of imports, especially with the decline in global raw material prices.
Sources in the steel sector attributed the decline in exports 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 global demand.
By the end of last September, global prices for some steel categories fell by varying levels, reaching about $115 per ton of hot flat steel coils, whose price ranged at the end of last September between $470-475 per ton, compared to $580-590 by the end of September 2023.
The decline in steel exports is due to the relative calm in global demand this year, in addition to the protectionist measures issued by foreign countries on some Egyptian steel products, specifically in Europe.
Last 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 regulator imposed an initial anti-dumping tariff of 49.7% on Suez Steel and 99.8% on the remaining wire rod producers from other companies in Egypt.
