Turkish iron exporters will begin offering reinforcing iron for prices below those of Egyptian iron producers, according to an offer made during a meeting held in Cairo yesterday between Egyptian and Turkish importers and exporters. The Turkish exporters will sell reinforcing iron for LE3900 per ton, while local manufacturers are selling it for LE4345. Local iron prices have soared in recent weeks after an agreement by local manufacturers. Amr Khedr, board member of the general sector for exporters at the Federation of Egyptian Chambers of Commerce, said that the Turkish suppliers offered to sell iron for between US$690 and US$700US per ton. The prices include expenses required for letters of credit. The final price for consumers, excluding the marginal revenue for the importer and the exporter, would be LE4100 for the Turkish iron, according to Khedr. Khedr said that importing Turkish iron at these prices would be risky unless Turkish exporters lower their prices, increasing the difference between imports and locally produced iron. A reliable source in the building materials sector warned against attempts by traders and distributors to promote rumors about price increases in the next month with the goal of stirring demand for the iron. Mohamed el-Marakbi, director of El-Marakbi Steel Factory, said that iron plants are working with all the energy they have and contracted to sell all their products this month. He said the iron market is stable due to ample supplies and steady demand. Translated from the Arabic Edition.
