Egypt steel prices to jump 15% in November: Metallurgical Industries Chamber

Local steel manufacturers are set to raise steel prices by 1,000 Egyptian pounds , i.e. 15 percent, next November, Head of Chamber of Metallurgical Industries, Gamal El-Garhy stated Tuesday.

Speaking to Amwal Al Ghad, El-Garhy clarified that the price of Ezz steel reached 8,850 pounds/ton while the price of Beshay steel recorded 8,815 pounds/ton and Solb Misr group steel prices hit 8,500 pounds/ton.

The official noted that dollar prices rose by 20 percent within the last 15 days on the black market as well as billet whose prices increased by US$45 to hit US$375/ton, accordingly, the firms incur severe losses .

One of the obstacles facing the firms is the inactivated agreement to lower gas prices to $4.5/one MMBtu, the chairman said.