According to the Cairo Chamber of Commerce, Companies in Egypt have arranged for Turkish steel imports in order to lower the price of domestic steel.

Mr Ahmed El-Zeini head of the CCC’s construction material division said that “Five companies concluded agreements of importing 30,000 tons of Turkish steel. The imported steel will be delivered in the second half of January.”

Mr El Zeini estimated the cost for this imported quantity to be nearly USD 18 million adding that it will assist in stabilising [steel] prices. Imposing protective fees on steel imports led to price hikes. Steel prices have now exceeded EGP 5,000 per tonne. The domestic steel producers raised their prices due to the increase in the EGP-USD exchange rate, even though they had their inventory produced and stored before the changes in the rate.

He continued to emphasise the importance of the ongoing trade relationship between the two countries: The economic relations between Egypt and Turkey were not affected by political tensions. Turkey did not think to cease its steel imports to Egypt since the Egyptian market accounts for 95% of its steel exports. Furthermore, Turkey is the largest steel supplier to Egypt.