August 12, 2022

Iron prices witnessed a remarkable increase in a number of local rebar factories, during the month of August, and the increase in prices ranged from 200 to 400 pounds per ton, due to the shortage of the raw material “bilt” that enters the iron manufacturing operations.

The rate of importing the raw material “bilt” declined for several reasons, including the ongoing war between Russia and Ukraine, as Egypt relies heavily on importing “bilt” from both countries.

Egypt’s imports of iron ores, concentrates, and raw materials of iron and steel, during the first four months of this year, amounted to regarding $2.88 billion, before imports declined following the outbreak of the Russian-Ukrainian war.

in short supply

For his part, Engineer Islam El-Gyoshi, a member of the Chamber of Metallurgical Industries in the Federation of Industries, said that the main reason behind the rise in rebar prices is the lack of supply of the final product of rebar in the local market.

He explained that this happened due to the sharp decline in the import rates of raw material “pellet” as a result of import restrictions on raw materials, which reduced the production capacities of factories by large percentages.

Iron price hike

The Beshai Steel Group announced the start of selling at a price of 17,900 pounds per ton, delivered on the factory land, an increase of 400 pounds over the prices announced by the group during the month of July, which amounted to 17,500 pounds.

Al-Garhy Steel Group also announced the start of selling at a price of 17,550 per ton, an increase of 250 pounds over the price recorded last July, which amounted to 17,300 pounds.

El-Gioshy Group also announced its new prices, recording 17,500 pounds per ton for delivery of the factory land, an increase of 200 pounds, as it recorded 17,300 pounds during the month of July.