11:29 p.m
Monday, December 12, 2022
I wrote – Sherine Salah:
The prices of reinforcing steel at Ezz Steel and Suez Steel Company in the market rose by regarding 1,000 pounds per ton, as of today, Monday, for the second time in December, according to Ahmed Al-Zaini, head of the Building Materials Division at the Cairo Chamber of Commerce, to Masrawy.
The price of reinforcing steel rose in companies at the beginning of this December by regarding 800 pounds per ton.
According to Al-Zaini, the price of a ton of rebar, delivered to the factory land at Ezz Steel Company, rose to 21,450 pounds, and the price of a ton of rebar at the Suez Steel Company rose to 21,350 pounds per ton, an increase of one thousand pounds, compared to the beginning of this December.
Al-Zaini attributed the increase in prices to the increase in the price of the dollar and the shortage of crude stocks in factories.
He pointed out that the average price of a ton of iron for the consumer is regarding EGP 25,000 for the first time in Egypt.
Al-Zaini explained that the price difference per ton of iron between the delivery of the factory land and the consumer, following the new increase, reached regarding 3,500 pounds, compared to a difference between 300 and 500 pounds per ton before that, indicating that “the difference in the price is large, unjustified, and has not happened before.”
Egypt produces regarding 7.9 million tons of reinforcing steel and regarding 4.5 million tons of billets, while it imports 3.5 million tons of billets, according to data from the Chamber of Metallurgical Industries.
