Iron and steel companies in Egypt announced the raising of iron prices for the third time in less than a month, equivalent to 400 pounds per ton, starting from Monday.

The General Division for Building Materials at the General Federation of Chambers of Commerce confirmed that the steel factories announced an increase in the price of a ton of iron from the factory by an average of 400 pounds per ton.

This is the third time in less than a month that rebar prices have been raised, as they rose by nearly 1,000 pounds per ton over prices before the month of Ramadan, said Ahmed El-Ziny, head of the General Division for Building Materials.

The prices of raw materials jumped in the global stock exchanges in the past days, after the increase in demand for materials , as scrap prices jumped to $502 per ton, and billet to $700 per ton compared to $426 per ton of scrap and $595 per ton of billet at the end of last April.

Al-Zaini added that the prices of rebar for a factory delivery range between 14,300-14,600 pounds per ton, indicating that the prices before Eid al-Fitr ranged between 14,100-14,400 pounds per ton.