Ahram Online reported that Egypt''s Ezz Steel has raised its steel rebar price by 3.1% to USD 857.1 per tonne (EGP 4,800) in August after keeping the price fixed at USD 830.3 (EGP 4,650) for the last two months.
A source at Egypt''s largest steel producer said the hike was due to global rises and the rise in imported prices for billet.
Mr Ahmed Adel Sattar, a steel trader, told Ahram Online he thought the real reasons behind the hike were to shake the market out of a slump, refresh consumer demand and the onset of Ramadan. The latter typically shrinks liquidity and leads to higher commodity prices.
He said "Beshay and Al-Garhy also raised their prices to USD 875 (EGP 4,900) and USD 901.7 (EGP 5,050) per tonne respectively against USD 848.2 for Beshay and USD 846.4 for Al-Garhy in July.”
Ahmed Al-Zeiny, head of the construction and materials division at Cairo''s Chamber of Commerce said that the three producers Ezz, Beshay and Al-Garhy represent 85% of Egypt''s total steel production.
( Source: www.steelguru.com )