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Egyptian steel producers increase rebar prices
- Egypt: Monday, January 07 - 2013 at 04:15
Egyptian steel producers have raised the price of rebar by EGP190 ($29.7) per tonne to EGP4410 ($690), following the devaluation of the local currency against the US dollar over last week, Ahram has reported. The increase has prompted the Cairo Chamber of Commerce to call on the government to revise its decision of raising protective tariffs on imported steel to meet domestic demand. In November, Egypt's ministry of industry and foreign trade announced that protective tariffs on imported steel rebar would temporarily be applied at a rate of 6.8% at a minimum of EGP299 per tonne for roughly seven months.
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