Egypt’s inflation: Steel prices skyrockets

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On Thursday, the head of the Building Materials Division at the Cairo Chamber of Commerce, Ahmed Al-Zaini, said that Ezz Steel, Suez Steel and El-Masryeen Steel raised the price of a ton of steel between 700 and 800 pounds. The price of a ton of Ezz Steel steel rose to 20,350 pounds, an increase of 700 pounds. The price of a ton of Suez Steel steel rose to 20,350 pounds, an increase of 800 pounds. The price of a ton of El-Masryeen Steel steel rose to 20,350 pounds, an increase of 800 pounds.

Al-Zaini attributed the rise in prices to several reasons, including an increase in the dollar exchange rate. He added that the price of steel in Egypt is witnessing a noticeable increase from the global price. Importers have complained over the past months of a shortage of foreign currency. In October, the Central Bank decided to phase out the use of letters of credit in import financing operations. Egypt produces about 7.9 million tons of steel, according to the Chamber of Metallurgical Industries of the Federation of Industries.