Several key producers of steel increased their prices this year, according to the Cairo Chamber of Commerce's Building Materials Division in an earlier release
Shoppers looking to purchase new home appliances may have to face an increase in prices as the new year rolls in, with companies manufacturing electrical appliances in Egypt considering charging higher rates after an upsurge in input prices.
Earlier this week, Ezz Dekheila Steel Company (Ezz Steel) increased the prices of its hot-rolled sheet metal to reach around EGP 40,000 per ton, according to Mohamed Hanafi, Executive Director of the Chamber of Metallurgical Industries in the Federation of Industries.
Factories typically raise their prices according to the prices of input (materials required for production), explained Hassan Mabrouk, head of the Electrical Appliances Division at the Chamber of Engineering Industries (CEI), to Al Borsa on Monday.
The home appliance sector’s companies will calculate the new sheet metal prices in proportion to the required amount for manufacturing of each appliance, and are expected to raise prices accordingly, he added.
Adjusted prices will appear in the market starting next year, as companies rely on their current inventories of sheet metal purchased using the previous price.
Several key producers of steel increased their prices this year, according to the Cairo Chamber of Commerce's Building Materials Division in an earlier release.
Ezz Steel previously raised its prices in March to around EGP 37,300 per ton, while El-Marakby Steel upped its prices to about EGP 33,500 per ton earlier this year, it explained. Egyptian Steel bumped prices to EGP 35,000, followed by Garhy Steel with a new price of EGP 33,500 per ton.
Egypt was ranked as Africa’s largest steel producer in 2022 by Fitch Solutions, having produced around 9.8 million tons of steel that year, and placed the country as the second largest in the MENA region.
Egypt’s engineering exports surged by 22% in October 2023 to reach $396 million, according to a December report by the Engineering Export Council of Egypt (EECE), with the household appliance sector exports rising by 1.9% to be the second primary export sector.
