Keyvan Jafari Tehrani said: “The explosion in the port of Beirut was a very big incident and will have a significant impact on the economy of Lebanon and even the countries bordering the Mediterranean Sea, and finally most of the country’s steel imports will be from Turkey.”
Keyvan Jafari Tehrani, Senior Analyst, International Minerals and Steel Markets, regarding the recent explosion in the port of Beirut and its effects on the steel market in the region, added: Like the UAE and Dubai, in terms of beauty, logistics and tourism facilities had no place in front of it. Lebanon was strategically known as the transit and entry and exit of goods for neighboring countries such as Syria.
*** The nearest port to Lebanon
He continued: “Of course, the closest port to Lebanon at the moment is the Turkish port of Mersin, which after the explosion, Turkey announced that it was ready to provide this port to Lebanon to unload and load large ships.” Because this accident causes this port to be out of motion for a long time. The Turkish port of Mersin is located northeast of the Mediterranean Sea, 340 km (190 nautical miles) from the port of Beirut.
The senior analyst of international markets for minerals and steel, referring to Lebanon’s history in the steel industry, added: “Looking at Lebanon’s history in the field of steel production over the past 23 years, we will see that Lebanon has never been a major player in world steel production.” Most of this production dates back to 1997 to 2002, when the country’s steel plant, with the participation of foreign partners, produced hot rolled sheets with a capacity of less than 100,000 tons per year. The plant closed in 2003 due to rising fuel and energy prices because it could not compete in the global market, and eventually became a major importer of steel in 2003.
*** The impact of the Beirut explosion on the country’s steel industry
He continued: Lebanon imported 1 million and 275 thousand tons of steel in 2010 and in 2011 increased steel imports by 6.9 percent and reached 1 million 363 thousand tons; In 2013, with a 3.8 percent increase in steel imports, 1.4 million tons of steel were imported into the country.
According to Jafari Tehrani, the latest information on the Lebanese steel industry dates back to 2018. In this way, the import of this country has varied between 1 million and 500 thousand tons to one million and 800 thousand tons. In total, it can be said that the consumption of Lebanese steel is less than 2 million tons per year, and almost all of it is imported.
He added: “Of course, before 2008, when the global crisis occurred, 75% of Lebanese steel was imported from Turkey, Ukraine and Egypt.” Egypt had 46% of the market, Ukraine 16% and Turkey 13%; The remaining 25 percent of the country’s steel market was held by other CIS countries, but a crisis in Egypt’s steel industry coincided with the global crisis and rising energy prices, and the Egyptian government cut subsidies on steel. From 2009 to 2018, it will gradually cede its steel market in Lebanon to Ukraine, and now most of Lebanon’s imports come from Ukraine, Belarus and the CIS.
According to him, it seems that the biggest impact that the explosion of the port of Beirut will have on the country’s steel industry is the major steel imports from Turkey.
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