Egyptian steel giant Ezz Steel has announced fixed retail prices for April of LE4100 per ton, including a 5 percent sales tax, representing an unprecedented 25-percent increase, easily surpassing earlier price hikes in 2008.
Beshai Steel and Suez Steel, meanwhile, are both selling ex-factory for LE4150 per ton and LE4125 per ton, respectively.
"The price is LE4270 per ton for Upper Egypt and the Nile Delta," said Ezz Group Sales Director Samir Naaman. "Steel sheets sell for LE4345 per ton ex-factory."
Ezz Group Marketing Manager George Matta attributed the increase to international price jumps in raw materials. "Raw materials suppliers raised their prices for 2010 by as much as 90 percent," he said.
"Rising raw materials prices made Turkey, the world’s main steel supplier, raise per-ton prices from US$520 in February to US$700 this month," Matta added.
Mohamed Abu Shady, head of Egypt’s Local Trade Department, said he was sending inspection teams into the market to ensure that dealers were not selling old stocks–bought at last month’s prices–at new prices. "We will check the invoice dates to find out when they bought the inventory," he said.
Translated from the Arabic Edition.
