Egypt’s steel rebar production up 24.3% YoY in Q1
Updated 5/1/2024 10:35:00 AM
Arab Finance: Egypt’s production of steel rebar rose by 24.3% year on year (YoY) to 2.166 million tons in the first quarter of (Q1) of 2024 on the back of decreasing prices, Asharq Business reported, citing official data.
The surge in production was driven by the decline in prices over the past two months as well as the availability of US dollar liquidity, according to Head of the Federation of Egyptian Chambers of Commerce’s Building Materials Division Ahmed El-Zeini.
Moreover, the data showed that steel rebar sales in the local market went up by 8.3% YoY over the first three months of the year to 1.549 million tons.
The Egyptian market is currently facing a recession while consumers await the issuance of a new law on construction and further price reductions, Ahmed El-Zeini noted.
However, there is significant demand for rebar in some national projects, he added.
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