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Cairo Chamber of Commerce announces that three Egyptian steel producers have raised steel prices for the local market by EGP 200 (USD 11.205) per tonne, Reuters reports.
Steel rebars used in construction increase by approximately 17% in Egypt after temporary import tariffs on rebars from China, Turkey and Ukraine came into effect last week, Reuters reports.
The Egyptian Trade and Industry Ministry is imposing temporary import tariffs on steel from China, Turkey and Ukraine, Invest-Gate reports.
Egypt’s steel factories are reducing their prices this month by an average of EGP 300 per ton, given the recession dominating the local market, Invest-Gate reports.
Ezz Steel, a leading steel producer in the Middle East, is eyeing exports ranging between USD 500 mn and USD 700 mn in 2017, Invest-Gate reports.
Steel prices in Saudi Arabia experienced a strong upward surge this month after a government decision to pay construction sector dues, reported Reuters, citing a local newspaper.