Steel prices to rise by 500 pounds soon: Egypt’s Metallurgical Chamber

Steel prices in the Egyptian market are set to be raised by 500 pounds within the upcoming days, Head of Chamber of Metallurgical Industries at Federation of Egyptian Industries (FEI) stated.

Gamal El-Garhy told Amwal Al Ghad Thursday that the expected increase would be due the hike in dollar price that reached more than 19 pounds in addition to the rise in billet prices.

The official pointed out that the demand volume in the Egyptian market dropped as well as citizens’ purchasing power.

On other side, Ezz Steel and Beshay Steel Group raised steel prices to around 10,000 pounds for consumer after adding the 13 percent-VAT.