Statistics published by Egypt's official statistics agency, CAPMAS showed the price of iron per tonne fell 0.21% in November and steel rebar prices were EGP 4240 per tonne compared to EGP 4249 in October.
Two weeks ago the ministry of industry and foreign trade imposed a protective tariff of 6.8% on imported steel rebars at a minimum charge of EGP 299 per tonne for 200 days.
The decision came in response to demands by Egyptian steel producers to protect the local market from imported steel rebars, especially those coming from Turkey and Algeria which are cheaper than locally produced steel.
CAPMAS reported 2.3% increase in the price of Portland cement in November to reach EGP 26.28 for 50 kilogram bag.