Ezz Steel raised its wholesale rebar prices by LE230 per ton in the largest single price increase since 2008. The move is expected to push per-ton retail prices as high as LE3500.
According to Ezz Steel Sales Director Samir Naaman, retail prices this month in Cairo and the Nile Delta were expected to reach LE3400 per ton; LE3440 in Middle Egyptian provinces; and LE3470 in the provinces of Upper Egypt.
Other steel producers, with less production capacity than Ezz, also announced that they would raise wholesale prices by between LE200 and LE250.
Meanwhile, importers of Turkish steel are expected to sell the commodity on the local market for LE3025 per ton, prompting experts to warn that Turkey could be penalized for dumping its production on the Egyptian market, according to both Egyptian and international law.
Translated from the Arabic Edition.
