Ahmad 
Rebar prices in Egypt have fallen significantly, registering a decrease of 58.6% since the beginning of 2024, reaching 21,800 Egyptian pounds per ton from the factory.
This decline comes in the wake of the floating of the Egyptian pound and the decline in the dollar since the sixth of last March, which positively affected domestic production costs.
The head of Royal Steel, Khaled Al-Rifai, which specializes in rebar trading, explained that prices witnessed a clear decline, after witnessing a jump in prices at the end of last January following successive increases approved by factories.
In light of the current decline, agents and commercial companies are expecting a further decline in prices, especially after the Egyptian government announced receiving new batches of investments by Ras Al-Hikma, estimated at $ 35 billion, which will strengthen the value of the Egyptian pound.
Despite these expectations, Egyptian steel factories announced that their prices for May would be fixed at April levels, which negatively affected sales and increased selling prices to consumers by about EGP 500 above the factory price.
Ashraf El Garhy, vice president of El Garhy Steel Group, linked the possibility of future price declines to lower exchange rates, pointing out that the industry relies heavily on importing raw materials, and the better the exchange rate, the lower the costs.
Egypt recorded a record increase in rebar exports by the end of last year, with revenue growth of 65% to reach $2.3 billion.
The increase in exports comes as factories direct a large part of production to the external market to collect the hard currency needed to import raw materials.
Ras El Hekma is a project that aims to develop an area on the Mediterranean coast in northern Egypt, in partnership with the UAE, and is considered the largest foreign direct investment deal in Egypt’s history.
Egypt will have 35% of the project’s profits and will include residential neighborhoods, international hotels, tourist resorts, entertainment projects, free zones, and a central financial and business zone.
Khartoum welcomes Egypt hosting a conference of Sudanese civil political forces