Today, Wednesday, iron and steel prices in Egypt witnessed volatility after a £1,980 rise in early November.
According to Egyptian media, the price of a ton of iron increased by £1,980 after an extraordinary meeting on October 27, during which a decision was made to raise the interest rate.
After an exceptional meeting of the Central Bank in March last year, which decided to raise the interest rate also by 2%, iron prices in Egypt rose in early April 2022, increasing by 3,000 pounds, reaching a level of about 20,970 pounds. . pounds, where it reached the highest level ever at a selling price. A ton of factory land after the start of the war between Russia and Ukraine ranged from 17 to 19 thousand pounds.
In May 2022, the price of iron in Egypt began to gradually decrease, so that the price of iron in October last year ranged from 16,800 to 17,670 pounds for sale from factory lands and registered to the consumer from 17,200 to 18 thousand pounds. . Steel companies have announced an increase in the price of iron starting from Tuesday, November 1, 2022, with a cost of around LE 1980 in some companies, following the decision of the Central Bank to raise the interest rate.
Ahmed El-Zini, head of building materials at the Federation of Chambers of Commerce, told the Cairo newspaper Al-Masry Al-Youm that some companies had already sent messages to sellers with the November price list, including the aforementioned increase, which should be implemented from November 1. He pointed out that the building materials market is in high anticipation of the change in the dollar against the pound sterling after the interest rate hike on Thursday, October 27, and that the increase in prices is expected to affect the prices of building materials. as the steel industry is dependent on iron ore imports, this indicates that lower global prices could absorb the current price shock.
The price of iron at Beshai Steel Company rose to a record price of reinforcing steel as of November 1, 2022, at LE 19,600 including 14% value-added tax, while it recorded a value of LE 17,900 last October sterling. The price of reinforcing steel at Ezz rose to £19,650 from £17,670 in October, up about £1,980.
Source: Egyptian media