Steel billet import prices in Egypt have increased over the past seven days with higher offers and deal prices, sources told Fastmarkets on Thursday March 7.
Fastmarkets' weekly price assessment for steel billet imported into Egypt was $470-475 per tonne cfr on Thursday, rising from $465-470 per tonne cfr last week.The rise can be attributed partly to a decree issued by Egypt's ministry of trade and industry on March 5 which will limit billet imports. According to this decree, only steel producers and re-rollers are now allowed to import billet, while traders are prohibited.Egypt imports about 2 million tonnes per year of billet, with about 50% of this material being...