The Ezz Dekheila Steel Company raised the prices of its products for the first time this year amid falling steel prices on the international market.
Participants in the Arab Steel Summit in Sharm el-Sheikh accused Turkey on Wednesday of rolling the Chinese pallet and exporting it to Arab countries as Turkish steel.
The Ezz Dekheila Steel Company, the largest steel producer in Egypt, raised the price of steel by LE212 per ton.
Beshay Steel and Suez Steel companies announced they would not change their prices in November and December. Other steel companies announced an average increase of LE250 per ton.
"The losses have reached an intolerable, difficult stage and the price increase may contribute to improving our financial situation," said Samir Noman, head of the Ezz Dekheila Steel Company commercial sector.
"It was a difficult decision, but we can no long go on amid continuing losses," Noman added.
The Arab Steel Summit in Sharm el-Sheikh discussed the effect of dumping the Arab region markets with Chinese subsidized steel.
Turkey has benefited from the phenomena through rolling the Chinese pillet and re-exporting it to Arab countries as Turkish steel, although the Turkish added value to the Chinese products does not exceed 15 percent, which violates the rules of the country of origin.
Edited translation from Al-Masry Al-Youm