Rebar factories announced the selling prices of their products, recording a decrease of more than 1,000 pounds per ton, which the producers attributed to the significant decline in the prices of Bilt ore on international stock exchanges, specifically in the Russian market.
The price of Ezz Steel recorded 18,170 pounds per ton, at factory delivery, compared to 19,170 pounds during last April, Suez Steel recorded 18070 pounds, compared to 19,100 pounds per ton, and Egyptian Iron recorded 18,070 pounds, 19,100 pounds during the month of April. Pounds last month, Ashry Steel recorded 18,000 pounds per ton, compared to 19000 last month, Al-Marakbi Iron recorded 18,050 pounds, compared to 19,100 pounds, Misr Steel recorded 18,000 pounds, and Al-Garhy Steel recorded 17,850 pounds per ton, compared to 19 thousand pounds with the beginning of the Russian-Ukrainian war crisis.
Engineer Islam Al-Juyoushi, a member of the Chamber of Metallurgical Industries in the Federation of Industries, attributed the reasons for the noticeable decrease in the prices of the rebar product in local factories to the significant decline in the prices of Bilt ore in global markets, specifically from the Russian market, which recorded 660 dollars per ton compared to 820 dollars at the beginning of the Russian-Ukrainian war crisis.
Al-Jayoushi pointed out that local factories are closely linked to global stock exchanges, down and up, and pointed out that the drop in rebar prices would revive all related sectors as well as giant national projects.
He explained that the arrival of iron prices in the local market to the barrier of 20 thousand pounds per ton specifically confused the real estate sector and the rest of the sectors were subjected to severe stagnation, praising at the same time the decisions of President Abdel Fattah El-Sisi regarding the exclusion of production requirements and raw materials from the procedures that were recently implemented by the Central Bank. On import operations, by returning to the old system through collection documents.