Wednesday 15 January 2020
I wrote – Sherine Salah:
Rebar prices have fallen between 200 and 300 pounds per ton, this week, to stimulate the movement of buying and selling in the market, with the price of crude declining globally, according to traders in the iron market to Masrawy.
Mohamed Hanafi, Director General of the Federation of Metallurgical Industries Chamber of the Federation of Industries, told Masrawy that the current recession in the iron market has pushed a number of iron factories such as Al-Jarji and Suez Steel and Egyptians to reduce prices, with the price of pallet ore falling globally by about $ 15 per ton.
The price of a pallet ore fell to $ 245 last week, compared to a price between $ 430 and $ 440 per ton during the first week of January.
Ahmed Al-Zaini, head of the Building Materials Division of the Cairo Chamber of Commerce, said that iron prices have witnessed a decrease of 200 to 300 tons per ton this week, in order to stimulate sales in the market.
Al-Zaini added that the price of tons of iron in Al-Garhi Company fell to 9800 pounds during the day’s trading, compared to 10 thousand pounds, the first week of this month, to hand over the factory’s land.
The price of a tonne of iron in Suez Casting and Iron Egyptians also fell to 9900 pounds during the day’s trading, compared to 10200 pounds, the first week of the current month, to hand over the factory land.
The price of a ton of iron for the consumer during today’s trading ranges between 8900 and 10200 pounds, according to El-Zeiny Masrawy.
Hadeed and Bishay provided incentives to traders ranging from 200 pounds to 370 pounds, to activate the buying and selling movement, during the past week, according to Khaled Al Dajwi, head of Diamond Steel, earlier to Masrawy.
The value of the incentive offered by the Ezz Steel Company to traders is about 370 pounds per ton, bringing the price of a ton of iron after the incentive, to about 10200 pounds, to hand over the factory land.
The value of the incentive offered by the Beshay company amounts to about 200 pounds per ton, bringing the price of a ton of iron after the incentive, to about 10 thousand pounds, to hand over the factory land.
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.