Thursday, January 16, 2020
I wrote – Sherine Salah:
3 companies reduced rebar prices today, Thursday, to continue the price of a tonne downward wave that started with the start of the new year, according to what iron merchants told Masrawy.
The price of a ton of iron in Al-Garhi Company fell to about 9,650 pounds today compared to 9,800 pounds yesterday, Wednesday, handing the factory land down by 150 pounds per ton, for the second day in a row after reducing 200 pounds yesterday, according to El-Degwy.
The price of a tonne of iron in Al-Marakby company also decreased by about 125 pounds, bringing the price of tons to 9,650 pounds today compared to 9775 pounds yesterday, according to Ahmed El-Ziny, head of the building materials division of the Cairo Chamber of Commerce, to Masrawy.
Al-Zaini added that the price of tons of iron in Egypt Steel fell by about 200 pounds, bringing the price of tons to 9550 pounds today compared to 9750 pounds last week.
Al-Zaini said that this decline in prices is the third of its kind since the beginning of this month.
With this reduction, the price of iron declined in 5 companies since yesterday, as the Suez Steel and Egyptian Steel reduced the price of iron yesterday, Wednesday, by 300 pounds per ton, to reach 9900 pounds in both companies to hand over the factory land.
Al-Dajwi said that iron companies reduce the prices of their products to activate the movement of buying and selling in the market, with the decline in the price of crude globally.
And some iron factories, during the past week, gave traders incentives to activate the market movement.
The price of a pallet ore fell by about 15 dollars, to 425 dollars last week, compared to a price between 430 and 440 dollars per ton during the first week in January, according to Mohamed Hanafi, Director General of the Chamber of Metal Industries of the Federation of Industries, to Masrawy earlier.
Egypt produces about 7.9 million tons of reinforcing steel, and about 4.5 million tons of pallet, while it imports 3.5 million tons of pallet, according to data from the Chamber of Metallurgical Industries.