Steel imports down

Steel imports declined 74% y-o-y in 1H2017 to 263.8k tonnes, compared to 1.25 mn tonnes in the same period last year, according to a General Organization for Export and Import Control (GOEIC) report,picked up by Al Shorouk. The weaker currency has made imports unsustainable for a lot of businesses, especially with anti-dumping regulations imposed on the steel industry. Steel prices have continued to rise even on a local level making some question the wisdom of anti-dumping duties. The government recently exempted Belgian and Chinese steel from the duties to prevent the extra charge from affecting the competitiveness of Egypt’s electrical appliances abroad.