The Egyptian market saw a significant downturn in local rebar demand in May compared to April, but still recorded an impressive increase in the year-on-year comparison.
According to sources, in May Egypt consumed 559,000 mt of steel rebar, versus 677,000 mt sold in April, indicating a 17.42 percent decline. Lower business and construction activity have been indicated as the key reasons for the downturn. In addition, the Ramadan period also had a certain impact, SteelOribis understands.
In the meantime, as compared to May 2020, demand in May this year increased by almost 80 percent, taking into account that last year the spread of Covid-19 and resulting restrictive measures peaked in Egypt during the April-May period.