Egypt's production and consumption of rebar increased in H1 of 2024

Despite the difficult economic situation in Egypt, local rebar manufacturers were able to improve their performance in the first half of 2024. Steel market participants indicate that the stability of exchange rates, currency pumping, and new investments were positive factors in the steel market. Egypt's consumption of rebar reached 3.1 million tons in the first half of 2024, an increase of 10.7% compared to the same period last year, and a decrease of 16.2% compared to the second half of 2023. This decline is largely due to the period of religious holidays that the state celebrated in the first half of this year. Egypt's production of rebar also increased by 20% in the first half of 2024 compared to the same period last year, reaching 4.2 million tons, but with a decline of 7% compared to the second half of last year.