The member states of the Gulf Cooperation Council (GCC) continue to cope with the low oil price environment with their efforts to diversify their economies, but fiscal tightening is still inhibiting construction activities. Steel demand is expected to continue to shrink in 2019, and a small recovery is expected in 2020.
Iran's iron and steel demand will also decline in 2019 as the economy recedes due to the resumption of sanctions imposed by the United States.
As Egypt's economy recovers strongly after structural reforms in 2017, the situation in North Africa is improving. Energy investment and the recovery of the real estate market are expected to boost Egypt's steel demand. It is expected that other North African economies will also be supported by strong investment activities, and steel demand is expected to show a growth trend.
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