Ahram Online reported that prices of imported Turkish steel rebar have risen and reached almost the domestic prices of about EDP 4100 per tonne stopping import deals.
As per report, the difference between Turkish steel and local one is now just about EGP 100 per tonne. Currently, domestic steel is sold at EGP 4200 per tonne while imported steel has reached levels as high as EGP 4100 per tonne.
Mr Kamal El Kharbatly chairman of Egyptian Steel Trading Co for Steel, told Al-Mal business daily that in the last two days, Turkish steel prices rose to USD 665 per tonne as compared to USD 635 per tonne in the previous week.
According to Mr Kamal, traders decided to terminate steel imports because they did not achieve a high profit margin, with the current price difference between imported steel and the local one standing at only EGP 100.
As per market players, Egyptian steel mills will raise their prices in January on the sentiments of increase in prices of raw materials.