12:09 PM
Tuesday 11 February 2020
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I wrote – Sherine Salah:
A group of iron companies in Egypt reduced the prices of selling rebar, at the beginning of this week, due to weak demand and the presence of stockpiles in factories, with crude prices declining globally, according to what dealers in the iron market told Masrawy.
Mohamed Hanafi, director of the Chamber of Metallurgical Industries of the Federation of Industries, said that iron prices have fallen due to the weak demand for reinforcing steel in the market and the presence of a large stock of factories, in addition to the decline in the price of crude worldwide.
Iron factories have tended to reduce market prices to these levels to move their sales and pay their obligations in the wages of workers and electricity, “to reduce and lose 10% instead of the remaining 100% and close,” according to Hanafi.
This was agreed with Khaled Al-Dajwi, head of Al-Masiya Steel Trading Company, saying that the decline in demand and the presence of inventory are behind the decline in iron prices in most factories.
Hanafi added that the iron prices are currently between 9306 and 9630 pounds, to hand over the factory land.
Hanafi said that the price of a pallet fell to $ 395, compared to $ 420 a ton.
Ezz reduced the prices of reinforcing steel by 100 pounds per ton, to make the new prices 9.900 pounds for lengths, and 9.630 pounds for coils, including tax, to hand over the factory land.
Suez Steel also reduced its prices by 300 pounds, making the new prices 9.450 pounds and 9.350 pounds for lengths and coils, respectively.
And Basha Steel Company joined Ezz and Suez Steel Company, and reduced its prices by 400 pounds per ton, to record the price of a ton of iron in the company by about 9600 pounds, compared to 10 thousand last month, according to El-Degwy.
Al-Dajwi added that Al-Garhi company reduced the reinforcing steel by 150 pounds, to 9500 pounds against 9650 pounds last month, to hand over the factory land.
The Marakby company also reduced rebar by 250 pounds, to 9,400 pounds, compared to 9,650 pounds last month, to hand over the factory land.
Traders expected iron prices to stabilize at these levels during the coming period.
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