Egypt Imports 200.000 Tons Turkish Steel with EGP1bln in 5 Months

Egypt imported 200.000 tons Turkish steel with total cost EGP1 billion in the last 5 months from January to May according to Ahmed Al Zainy, Head of the General Division for Building Materials.

Ezz Steel recorded EGP4900 for ton, Beshay and Egyptian steels hit around EGP4950 tons, whereas Turkish steel registered about EGP5000 for ton, Al Zainy explained.

The cement sector is the most prominent of monopolistic practices, as the ton price of cement boosted to EGP750 compared to EGP550 in the last months, Al Zainy noted.

Despite the political turmoil between Egypt and Turkey in the last period, the Egyptian markets see that importing from Turkey is the only way to face the monopoly of steel and cement companies.