Iron and steel companies started applying a reduction in the prices of a ton of iron in Egypt by more than 800 pounds per ton.
Head of the Building Materials Division, Ahmed Al-Ziny, said that the iron factories addressed the distributors and traders to implement the 830-pound price reduction in early May, pointing out that the reason for the factories’ resort to lowering prices is the drop in the price of iron scrap globally.
Iron production companies in Egypt announced a reduction in their prices starting in May 2022, and Misr Steel Company informed its customers that the per ton coughed up 18,900 pounds, including value-added tax, and the price of coiled iron reached 19,170 pounds.
The Suez Steel Company informed customers that the prices of a ton of iron in the factory were 19100 pounds, including value added, and Egyptian iron 19100 pounds per ton, delivered at the factory’s land starting from May 2022, and a ton of iron in Beshai amounted to 19,120 pounds.
The price of a ton of Al-Garhy iron recorded 19000 pounds per ton, and finally the Ezz Steel Company reduced iron prices to 19,170 pounds per ton for factory land delivery.