|Steel imports continue to drop as economy worsens
|Lebanon - 2020 October 1
According to the Lebanese Customs statistics, total steel imports dropped 66.5 pct YoY to 137,838 tons in the first half of 2020 as business conditions in Lebanon continued to deteriorate with Beirut's port explosion have disrupted operations of the private sector.
The Lebanon PMI index by Blominvest Bank and IHS Markit, a measure of the strength of the country's private sector, fell markedly to 40.1 in August from 44.9 in July.
A reading above 50 denotes economic expansion and one below 50 represents contraction.
All the major finished steel imports have continued to decline.
Rebar imports in H1 2020 were amounted to 81,251 tons, down by 63.2 pct when compared to the same period last year.
Wire rod imports also decreased by 72.5 pct YoY to 5,420 tons last year.
Hot Rolled steel imports under HS code heading 7208 dropped 75 pct YoY to 15,709 tons.
Cold rolled steel imports under HS Code 7209 were totalled 695 tons, down by 91 pct YoY.
Coated steel imports under HS code heading 7210 declined by 57.5 pct to 14,352 tons.