Several Egyptian iron companies have slashed product prices for November in a move that workers attributed to falling international prices and the large quantity of low-cost Turkish iron that has invaded the local market.
On Tuesday, Ezz Steel cut its factory-delivered prices (FDP) by LE300 per ton to LE4500.
Beshay Steel, meanwhile, lowered its FDP from LE4780 to LE4700. Garhy Iron also cut its prices from LE4780 to LE4470.
Mohamed Hefny, the head of the metallurgical industries division at the Federation of Egyptian Industries (FEI), told Al-Masry Al-Youm that the recent drop in prices can be linked to falling world rates, which he said have dropped from US$700 to $650 per ton.
Hefny added that the large quantities of cheap Turkish iron have forced companies to drop their prices in order to compete.
Ezz Steel's commercial director, Samir Noamany, said his company announced its price cuts early in a bid to enliven the currently stagnant iron and steel market.
Ahmed al-Zeiny, head of the building materials division at the Cairo Chamber of Commerce, said Turkish iron sells for LE4000 per ton, LE500 lower than the Egyptian version, which, he said, has prompted the companies to lower their prices.
Translated from the Arabic Edition