Local steel prices abruptly surge 25%

Egyptian steel giant Ezz Steel has announced fixed retail prices for April of LE4100 per ton, including a 5 percent sales tax, representing an unprecedented 25-percent increase, easily surpassing earlier price hikes in 2008.
Beshai Steel and Suez Steel, meanwhile, are both selling ex-factory for LE4150 per ton and LE4125 per ton, respectively.
"The price is LE4270 per ton for Upper Egypt and the Nile Delta," said Ezz Group Sales Director Samir Naaman. "Steel sheets sell for LE4345 per ton ex-factory."

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