Waning domestic demand for steel bars and rising importation of Turkish and Ukrainian steel have combined to bring down per-ton retail steel prices by between 50LE and 150LE.

Locally produced steel is now selling for between 3150LE and 250LE per ton and imported steel for between 3100LE and 3150LE per ton.

Local steel producers, meanwhile, have requested that the Trade and Industry Ministry grant them licenses to melt down steel pellets from which to produce raw material.

"The Ministry has habitually urged Egyptian factories to expand their operations," said Egyptian Chamber of Metal Industries Head, Mohamed Hanafi. "The Ministry should therefore grant producers these licenses in order to help out local industry."

According to local steel producer - Mohamed el-Marakbi, a number of steel factories have already applied for licenses to produce 300,000 tons of raw material. "Such a move would assist in reducing imports," noted El-Marakbi.

Industrial Development Authority President - Amr Assal, meanwhile, has reportedly said that the Ministry would begin granting licenses to steel manufacturers 'soon'.

 
 
EGYPT NEWS

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