MEIS 2020: Egypt rebar demand underpinned by government projects - El Marakby Steel [CORRECTED]

Egypt's steel rebar consumption has been weakened this year and could have fallen to 3 million tonnes per year in recent years without government support from various mega projects, Ramy Saleh, chief business development officer at El Marakby Steel said during Fastmarkets' Middle East Iron & Steel virtual conference on Thursday December 17.

Speaking on the Egypt panel, Saleh said Egypt's steel sector has suffered from low consumption this year because of the Covid-19 pandemic, liquidity shortage, and the construction ban in the country since May.
"2020 was challenging due to Covid-19, liquidity issues and the building permit ban, and if the ban continues, 2021 will be a challenging year as well," Saleh said.
The rules of the ban were eased on September 29, but demand has not yet fully recovered because of the remaining restrictions on construction activity. Contractors and real estate developers are now permitted to resume construction on buildings up to four-stories high, Fastmarkets understands.

Egypt is...

Many new players enter TSXV gold Top 25 by market cap

Gold stocks mixed on moderate metal gain, flat equities

Gold stocks lead the large cap miners by far over H1/25

Gold stocks up as the metal price and equities gain

Mixed outlook for gold as it remains range bound for past three months