Local steel giant Ezz Steel announced fixed retail prices of LE3470 per ton for the month of March. "We have to review our prices in light of rising production costs," said Ezz sales director Samir Naaman.
Imported steel is currently being sold for LE3400 per ton on the local market.
Meanwhile, steel producers from the Middle East and North Africa are planning to convene in Cairo where they will discuss means of dealing with rising international raw materials prices.
According to industry sources, producers of raw materials intend to raise prices by as much as 80 percent this year, which regional producers hope to bring down to 60 percent.
The Middle East/North Africa region imports eight million tons of total raw materials per year. China alone, meanwhile, imports 120 million tons of steel, while European states import a total of 80 million tons of steel.
Translated from the Arabic Edition.