Egypt’s biggest steel producer raises the price of rebar by LE190 ($29.7) per tonne on the echo of the devaluation of the local currency against the US dollar over last week, which has hit a low of 6.39 against the dollar.
The steelmaker was selling rebar at LE4410 ($690) per tonne last month, reports the Arabic-language state-run news website Al-Ahram on Saturday.
Steel raw material's prices also recorded an increase, reaching $565 per tonne up from $545 per tonne in December.
Ahmed El-Zeiny the head of building materials in the Cairo Chamber of Commerce said the government should revise its decision of raising protective tariffs on imported steel to meet domestic demand.
In November, Egypt's ministry of industry and foreign trade announced that protective tariffs on imported steel rebars would temporarily be applied at a rate of 6.8 per cent at a minimum of LE299 per tonne for roughly seven months.