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Why is the steel industry in Egypt declining?

Egypt's steel industry has generally been lowering prices as a result of an oversupply in inventories and lower raw material prices just as a new steel factory comes online.
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CAIRO — The prices of reinforcing bar, also known as rebar, have been generally falling on the Egyptian market since the last quarter of 2019, hitting a low point in February before moving up again. 

The largest rebar companies in Egypt had been repeatedly reducing their prices, which dropped to as low as 9,300 pounds ($598) in February, said Mohammad Hanafi, director general of the Chamber of Metallurgical Industries of the Federation of Egypt Industries. 

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