Steel rebar prices increased by 11.8% in June, reaching an average of LE5257 per ton, compared to just LE4699 at the end of May, according to the Central Agency for Public Mobilization and Statistics.
Ahmed al-Zeiny, head of the Building Materials Division at the Cairo Chamber of Commerce, said that factories exploited the lack of market supervision to increase prices without justification.
Zeiny also attributed the rise to stability in global steel prices, noting that the factories’ price increases began in the middle of last May, when prices approached LE5000 per ton despite economic stagnation.
Translated from the Arabic Edition
