According to data published by the Export Council for Building Materials, Refractory and Metallurgy Industries of Egypt (ECBM), from January to September, Egypt’s steel export value was calculated to be about US$1.74 billion, increasing by 65% compared with the same period of 2022. Among them, Spain was the largest importer of Egyptian steel products, while Turkey was the second largest.

In addition, the reports indicated that due to the dropping domestic demand and the lack of foreign currency stock, Egypt’s local steel industry has faced challenges since the beginning of this year.