Imported steel drives down local prices

Ezz Steel is currently selling some 37,000 tons of imported Turkish steel for LE4050 per ton ex-factory.

"This was the last batch we imported from Turkey last October," said Ezz Sales Director Samir Naaman. "Though we sold it all, we don’t have any plans to import new quantities at the moment."

Meanwhile, steel imported by other Egyptian companies from Turkey, Poland and Ukraine arrived at the Damietta and Alexandria seaports and is currently being sold at the same price.

According to market sources, imported steel that was purchased earlier at LE3000 per ton is now being sold at prices less than those for locally-produced steel, which is being sold at LE4200 per ton–leading to sharp drops in sales for local producers.

"More than 100,000 tons is expected to be imported by the end of this month," said steel dealer Hashem el-Digwy. "This will be sold at prices LE200 cheaper than the local stuff."

Domestic Trade Department President Mohamed Abu Shady, for his part, expects local steel prices to fall in light of rising imports. "We haven’t had any complaints from consumers, which means the market is stable," he said.

Translated from the Arabic Edition.

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