Ezz,Beshay and Suez Steel companies to stabilize prices for the sixth month in a row, amid refusal of Retailers demanding to lower prices.
Mohamed Hanafi , General Manager of steel manufacturing chamber at the Federation of Egyptian Industries, expected steel companies to keep their prices until the next June where Ezz Steel stabilizes at EGP 4600 per ton and Suez steel at EGP 4425 per ton.
Hanafi added that the current recession facing the sector at this time support this stability of prices, indicating that the export of iron at the moment is an attempt by the factories to overcome the decline in domestic demand. “Around 60 thousand tons had been exported during the first quarter of this year, while the volume of steel exports during the past year reached 450,000 tonnes,” he added.
The head of steel manufacturing chamber expected prices to be decreased within this year on labors’ strikes and protests that was resulting in major interruption of some factories for varying periods.
