Steel companies anxious about market fluctuations: Experts

The continuous price rise in the US dollar’s value against the Egyptian pound alongside a drop in metal prices, has left steel companies facing a dilemma in setting prices.

“Both the increase in dollar value and decrease in metals’ prices are big influencers to the market,” said Mohamed Hanafy, the head of the Metallurgical Industries Chamber (MIC) at the Federation of Egyptian Industries (FDI).

Hanafy highlighted that companies are re-examining their prices after the recent fluctuations the market has witnessed.

On 1 February, the Central Bank of Egypt’s official value of the dollar reached EGP7.51, compared to the EGP7.59 recorded on Thursday.