Ezz Steel, Suez Steel to raise rebar prices to 250 Egyptian pounds

Egypt’s largest steel producers Ezz Steel and Suez Steel will increase steel rebar prices between 180 Egyptian pounds and 250 Egyptian pounds ($10.50-$14.58).

“The next few days will witness a new increase in iron prices, because most of rolling mills halted their production,” Tarek AlGioshy, chairman of Al Gioshy steel, said on Wednesday.

The rolling mills were affected by a decree No. 346 issued by Egyptian Industry and Trade Minister Amr Nassar to impose temporary import duties of 15 percent on iron billets, AlGioshy added.

On the other hand, AlGioshy demanded Nassar to halt the decree imposing temporary import duties on iron billets.