Egypt’s December iron imports hit 170,000 tonnes

Egypt has imported around 170,000 tonnes of iron during December, Head of Chamber of Metallurgical Industries, Gamal El-Garhy said Thursday.

El-Garhy further told Amwal Al Ghad that the Egyptian market had witnessed unprecedented rise in the amount of iron imports following the central bank’s Nov. 3 decision to liberalise the Egyptian pound against foreign currencies.

The usual fierce competition with Turkish and Ukraine iron firms has shifted into overt war, as their products are being dumped in the local market at below-market prices, the Egyptian official said.