Steel prices jumped to register EGP 9,250 per local tonne and EGP 9,200 per imported tonne on Friday after the Central Bank of Egypt’s decision to float the Egyptian pound on Thursday.
Solb Misr company took the initiative to increase its prices by more than EGP 1,550 per tonne, while other steel companies raised the price of imported steel by EGP 1,800 per tonne to hit unprecedented levels.
On Saturday evening, steel companies Beshay Steel and El Marakby Steel announced an increase in prices at an average of EGP 1,400 per tonne to reach EGP 8,900 per tonne for the consumer. Ezz Steel is still studying the potential value of an increase.
As of the end of October, steel prices did not exceed EGP 7,670 per tonne across all steel companies
Head of the Real Estate Investment Division at the Federation of the Egyptian Chambers of Commerce (FEDCOC) Mamdouh Badr El-Din expects a decrease in steel prices down to EGP 5,200 per local tonne and EGP 5,800 per imported tonne, once the US dollar exchange rate stabilises and speculation on the rate is eliminated. He also expects a decline in cement prices and all production process inputs.