04:47 PM
Thursday, April 4, 2024
Written by: Sherine Salah
Ezz Steel Company reduced the price of a ton delivered to the factory floor by more than 5 thousand pounds, starting tomorrow, Friday, compared to the prices of last March.
According to Ahmed El-Zeini, head of the Building Materials Division at the Cairo Chamber of Commerce, told Masrawy, the price of steel delivered to the factory floor fell to about 40,700 pounds, compared to 46,500 pounds last March.
According to El-Zeini, the average price of Ezz Steel in the market for the consumer currently ranges between 41,500 pounds and 42 thousand pounds, after declining from 46,000 pounds last March.
Al-Zaini attributed the reduction in the price of iron at Ezz Steel Company to the decline in the price of the dollar in the parallel market after it was recording record levels, the banks’ provision of dollars to factories for import operations, and the decline in the price of billets globally since yesterday, Wednesday, on the global stock exchange.
The Suez Steel Company also reduced the price of a ton of iron delivered to the factory floor to about 40,500 pounds, a decrease of 5,000 pounds, as of tomorrow, Friday, bringing the consumer to between 41,000 and 41,500 pounds, according to El-Zeini.
According to data from the Chamber of Metallurgical Industries of the Federation of Industries, Egypt produces about 7.9 million tons of rebar and about 4.5 million tons of steel, while it imports 3.5 million tons of steel.