Price of Steel On the Rise

The Central Agency for Public Mobilization and Statistics in Egypt announced that the price of steel increased during the month of June by 42.47% reaching 5257 Egyptian pounds compared to 3690 Egyptian pounds during the same period last year.

The Agency stated other building materials rose but to a lesser degree, as the price of sand rose by 12.75% to reach 32.5 Egyptian pounds per ton, cement rose by 7.57% to reach 26 Egyptian pounds, and Portland cement rose by 2.34% to reach 26.70 Egyptian pounds.

The price of Beech wood rose by 6.06% to reach 1697 Egyptian pounds per cubic meter, and the price of gravel rose by 8.38% to 69 Egyptian pounds. In addition, the price of water pipes rose by 12.15% to14.3 Egyptian pounds.

The Jordanian Chamber of Manufacturing issued a newsletter with the new local steel prices. The factory FOB price of a ton of Lift-40 steel, ranges from 648 to 662 Jordanian dinars. Otherwise, the price per ton, including an 8% sales tax, ranges from 700 to 715 dinars per ton.

On the other hand, the factory FOB price of Lift-60 steel, ranges from 657 to 667 Jordanian dinars per ton. After adding the sales tax, its price becomes 710 to 720 Jordanian dinars per ton.

In the same context, the Chamber of Manufacturing invited the government to take more steps to support local steel manufacturing since it faces big challenges besides the increasing financial burdens. The Chamber asked for the monitoring of imports of smooth steel roles, which are used for steel rails, and are sold duty-free, causing harm to local manufacturing.

In Saudi Arabia, the Vice-President of SABIC, the Saudi Basic Industries Corporation, said that the global economic upheavals didn’t affect the operations of the company due to its diverse markets, including China and India. He expects the company’s production to increase in 2012 by about 1 million tons which will assist in reducing the crisis.