|Egypt domestic steel rebar prices hit by imports - 18 Feb, 2010|
It is reported that waning domestic demand for steel rebars and rising imports of Turkish and Ukrainian steel have combined to bring down per tonne retail steel prices by between EGP 50 to EGP 150.|
Locally produced steel is now selling for between EGP 3150 per tonne to EGP 3250 per tonne imported steel for between EGP 3100 per tonne to EGP 3150 per tonne.
Local steel producers meanwhile have requested that the Trade and Industry Ministry grant them licenses to melt down steel pellets from which to produce raw material.
Mr Mohamed Hanafi head of the Egyptian Chamber of Metal Industries said that the ministry has habitually urged Egyptian factories to expand their operations. The ministry should therefore grant producers these licenses in order to help out local industry.
According to local steel producer Mr Mohamed el Marakbi, a number of steel factories have already applied for licenses to produce 300,000 tonnes of raw materials. Such a move would assist in reducing imports.
Meanwhile, Mr Amr Assal president of the Industrial Development Authority has reportedly said that the ministry would begin granting licenses to steel manufacturers soon.
(Sourced from Almasry Alyoum)
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