By: Abdullah Bedeir
Cairo – Mubasher: Iron prices witnessed several leaps in the last seven months in the Egyptian market, driven by the rising prices of metals in the global market.
Ahmed El-Zeiny, Head of the Building Materials Division at Cairo Chamber of Commerce, told Mubasher that the per-tonne price of iron jumped by about EGP 5,000 from November 2020 until May 2021.
The price of iron increased by EGP 950 per tonne during May, owing to the rising prices of raw materials globally, El-Zeiny noted.
He indicated that the prices of iron (ex-works) range between EGP 14,300 and 14,600 per tonne, while prices for consumers range from EGP 14,500 to EGP 14,800 per tonne.
The fair price of iron does not exceed EGP 13,500 as the global price stands at $750, he noted.
For his part, Mohamed Hanafy, the General Manager of Chamber of Metallurgical Industries at Federation of Egyptian Industries, explained that this jump in iron prices is due to the rise in the global price.
He expected that the sales of iron companies would not be affected by this jump, noting that demand is the main factor for the sales growth.
According to a report released by the Ministry of Housing, the average price of steel increased by 4,050 per tonne in six months, jumping to EGP 13,600 last February, March, and April, compared to EGP 9,550 in November 2020, EGP 11,600 in December 2020, and EGP 13,800 in January 2021.
