Steel companies announced a a big cut in their prices, starting May, by about EGP 800 to EGP 1900 per ton, in light of the decline in the prices of raw materials globally.
Ahmed El-Ziny, head of the Building Materials Division at the Federation of Chambers of Commerce said that the price of Ezz Steel will drop by EGP 830 to EGP 19,170 per ton, including 14% of the value-added tax (VAT).
El-Garhy also announced that steel prices will be set at recorded at EGP 19,000 per ton by May.
In the case of Beshay Hadid, the price of a ton will decrease at the beginning of next May by about EGP 1,850 pounds to reach EGP 19,120 per ton, including 14% of the value-added tax.
In the same context, the Suez Steel Company announced a decrease in the price of a ton of iron by 800 pounds, to 19,100 pounds per ton, starting next June, including 14% value-added tax.
The MKS also announced a decrease in the price of a ton of iron, starting from next May, by about 1900 pounds, to record 19,100 pounds per ton, including 14% of the value-added tax.
The Egyptian Steel Company also announced a decrease in the price of a ton of iron by EGP 800 to EGP 19,100 per ton, including 14% VAT.
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