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Steel prices in Egypt reach historic highs

Steel prices reached historic levels in Egypt after key producers raised prices significantly.
15.11.23 | Source: Ahram Online

Ezz Steel, Egypt's largest steel producer, raised prices to EGP 37,305 from EGP 32,135 per ton in March, El-Zeiny said.

He also stated that other producers, including El-Marakby Steel, increased prices per ton to EGP 33,500 from EGP 29,500.

El-Zeiny noted that Egyptian Steel and Garhy Steel raised prices to EGP 35,000 and EGP 33,500 per ton, respectively, from EGP 32,050 and EGP 27,500 in March.

Egypt’s steel production has slowed since the beginning of 2023 due to foreign currency shortages and a decline in local demand.

In 2022, Egypt produced 9.8 million tons of steel, making it the largest steel producer in Africa and the second largest in the Middle East and North Africa (MENA) region, according to a report by Fitch Solutions in April 2023.

In 2020 and 2021, Egypt produced 10.3 and 8.2 million tons, respectively, according to data from the World Steel Association.