Prices for steel billet and rebar in Egypt fell in the week to Thursday October 3, on still-limited domestic demand, sources told Fastmarkets.
However, Egyptian steel production is expected to increase because of reduced production costs in the country. "Egyptian prime minister Mostafa Madbouly approved the recommendations of a consultancy committee to reduce natural gas prices to some industries -including [the] steel industry - today," an Egyptian source told Fastmarkets. The price for natural gas has fallen to $5.50 per BTU from $7 per BTU. and will now be reviewed every six months in light of global prices and local economic and...