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Egypt’s largest steel producer Ezz Steel has announced Tuesday a reduction in its selling prices, bringing steel down to 9,000 Egyptian pounds per tonne ($480) from 9,250 pounds.
This comes after major steel producers in Egypt reduced their February prices in the local market by an average of 10 percent, for the third time in less than a month in a move aims to prevent further cheap imports flooding the oversupplied domestic market.
Beshay Steel and Egyptian Steel have also cut prices by 11.4 percent and 10 percent, respectively, to 9,100 pounds and 9,125 pounds per tonne respectively.
