Steel
Factories manufacturing in Egypt are facing a surge in steel prices, with the most recent increase by Ezz Dekheila Steel Company (Ezz Steel) earlier this week
This came during a meeting between the Minister of Industry, Ahmed Samir, and a delegation from the Russian holding company "Novostal M" led by its President, Ivan Demshinco.
This came in a report published by the Cabinet's Information and Decision Support Center (IDSC) on Tuesday.
Prime Minister Mostafa Madbouli held a meeting Wednesday with the representatives of China's TEDA and Chen Cheng to discuss their plan of establishing a $2-billion factory.
The Central Agency for Public Mobilization and Statistics (CAPMAS) released a statement Tuesday detailing the exports, whose value declined in May 2022.
It added that the United States came fourth in the list of countries importing Egyptian iron and steel at a total value of $44.287 million, while Canada came fifth with imports worth $40.832 million.
A report released Thursday by the Export Council for Building Materials, Refractory & Metallurgy Industries (ECBM) said that Egypt's exports of cast iron and steel went to 64 countries.
Prime Minister Mostafa Madbouli met Wednesday with large cement and steel manufacturers at the Cabinet's headquarters to discuss the hike in prices.
A report released by the Export Council for Building Materials, Refractory & Metallurgy Industries (ECBM) said that Egypt's exports of cast iron and steel were to 51 countries.
Presidency Spokesperson Bassam Rady stated that the meeting discussed the measures taken to develop the sectors of cement, steel, and iron.
The price increased gradually by around LE2,500 as the value of raw material has moved upward globally.
The June BOP became $3.3 billion instead of $3.61 billion.
The report showed that 64.6 percent of these exports went to Saudi Arabia, Libya, Spain, Kenya, Italy, Sudan, the Netherlands, and the US at a value of $164 million.
The most-active rebar contract on the Shanghai Futures Exchange was up 0.2 percent at 3,425 yuan a tonne. Hot rolled coil rose 0.5 percent to 3,448 yuan.
The ministry said recent statements by Public Enterprise Minister Hesham Tawfik where he was quoted as saying that the "steel industry is not strategic" were taken out of context.
Mexico and Canada on Tuesday urged their governments to resolve a tariff dispute with the United States before signing a new trilateral trade deal.
Trump, citing national security concerns, placed tariffs of 25 percent on steel imports and 10 percent on aluminum imports.
Trump has criticized Harley Davidson, calling for higher, targeted taxes and threatening to lure foreign producers to the United States to increase competition.
China has for decades given tax rebates to exporters selling value-added steel, allowing them to undercut competitors.
The European Commission has proposed a combination of a quota and a tariff to counter EU concerns that steel products no longer imported into the United States would instead flood European markets.
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