Egypt steel producers lower prices in November

Egyptian steel producers have refrained from raising steel prices for the local market after the government introduced protective tariffs on imports.

Local producers have lowered their prices by between LE20 and LE250 per ton, while others have kept their October prices intact, the supply ministry reported on Friday.

Last month, the government imposed a temporary 7.3 percent tariff on steel imports after local producers decried a growing influx of cheap steel imports from Turkey and Ukraine, which, at the time, were LE400 cheaper than the average local product.

Some producers lowered prices, such as Medisteel which shaved LE150 off of its prices to reach LE4,950, and Delta Steel which lowered its prices by LE250 to reach LE5000, said the ministry's statement.