Construction steel prices in the Ezz Steel and Suez Steel Company market increase by around £1,000 per tonne on Monday for the second time in December, according to Ahmed Al-Zaini, head of the construction materials division of the Cairo Chamber of Commerce in Masrawy.
Earlier this December, the price of reinforcement steel on farms increased by around £800 per ton.
According to Al-Zaini, the price of a tonne of rebar delivered to the factory site at Ezz Steel Company increases in £21,450, and at Suez Steel Company, the price of a ton of rebar increases in a thousand pounds to £21,350 per tonne compared to the beginning of this December.
Al-Zaini attributed the price increase to the rising price of the dollar and shortcomings in crude oil inventories at the factories.
He pointed out that the average price of a ton of rebar for the first time consumer in Egypt is around 25,000 EGP.
Al-Zaini explained that the price difference per tonne of rebar between factory land delivery and the consumer has reached around £3,500 after the new increase, a difference never seen before compared to the difference between £300 and £500 per tonne.
According to the Chamber of Metallurgical Industry data, Egypt produces approximately 7.9 million tons of construction steel and approximately 4.5 million tons of billets, while importing 3.5 million tons of billets.
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