Steel prices to decrease in Egypt next month: Official

Local steel manufacturers are expected a decrease in steel prices by 250 Egyptian pounds, head of the Chamber of metallurgical industries, Gamal El-Garhy said on Tuesday.

The Egyptian official noted that billet, whose prices decreased by US$15, is expected to reach  US$550/tonne.

Gamal El-Garhy told Amwal Al Ghad that the increase was due to the hike in raw materials internationally.

It was also due to  the hike in dollar price that reached more than 19 pounds in addition to the rise in billet prices.