Egyptian steel group expected to increase prices due to rising costs

Egyptian steel group expected to increase prices due to rising costs

SteelOrbis has been reported by traders that, the leading Egyptian steel making group including production and export units of hot rolled steel coils as well as wire rods and reinforcing bars has decided to revise the sales prices and informed the relevant trading houses that the prices would be increased. Traders say, the increases vary but are at least $100/mt and the total quantity effected is in excess of 100,000 mts. SteelOrbis has contacted the group to have their comments and understood that due to increasing costs, the producer has felt that they were obliged to increase the prices starting from April onwards. The increase is confirmed as $80 – 100/mt. Current prices are reported as $480/mt FOB for hot rolled steel coils and $426/mt FOB for reinforcing bars.