Local media reported that Egyptian steel mill Ezz Steel and its subsidiary Al Ezz Dekheila Steel have raised the price of steel rebars by EGP 1,000 per tonne (USD 64) to EGP 13,654 per tonne (USD 870) including VAT. The move is very much aligned with iron ore prices surging closer towards a 10 year high. On a cumulative basis, the price hike amounts to 35% since 19 November.
Crude steel production in Egypt increased in November 2020, marking a third month of growth in a row. In November Egypt increased crude steel output by 11.2% YoY, reaching 672,000 tonnes. Growing confidence in the rebar segment continues to be the main driver of the positive trend. Nevertheless, the existing structural problems in the Egyptian construction sector continue to bother Egyptian steel industry.