Steel imports slump amid economic woes
 
 
Lebanon - 2020 June 8
 
 

According to the Lebanese Customs statistics, total steel imports dropped 64 pct YoY to 80,902 tons in the first quarter of 2020 as the country is facing worst economic crisis in decades.

All the major finished steel imports have declined significantly.

Rebar imports in Q1 2020 were amounted to 51,142 tons, down by 62.6 pct when compared to the same period last year.

Wire rod imports also decreased by 62 pct YoY to 3,953 tons last year.

Hot Rolled steel imports under HS code heading 7208 dropped 72 pct YoY to 8,179 tons.

Cold rolled steel imports under HS Code 7209 were totalled 391 tons, down by 87 pct YoY.

Coated steel imports under HS code heading 7210 declined by 66 pct to 5,369 tons.

Lebanon's economy has been in freefall since last year, sparking mass protests against the ruling elite. The currency has crashed from 1,507.5 Lebanese pounds to the USD to about 4,000 in the past nine months after banks severely restricted access to the US currency. Lebanon is also one of the world's most indebted countries with a debt equivalent to more than 170 pct of its GDP. The country defaulted on its external borrowing for the first time in March 2020.

Source: MEsteel.com

 
 
 

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