The Daily News reported that the price of steel rebars in Egypt took EGP 300 per tonne dive on May 1st 2010 mainly due to decrease in international prices leading to strong recession in local sales activity..
The Chamber of Metallurgical Industries stated that steel rebars prices were set to come down during the month of May, which was in part the result of the lowering of international prices by about USD 50 per tonne or EGP 250 per tonne in April.
Mohamed Hanafy GM of Chamber of Metallurgical Industries said “Factories would either fix May prices or reduce them, especially amid April''s decreased prices by about EGP 150 per tonne.”
According to experts, consumption would not pick up once again until price stabilization occurred. The recent announcement in the fall in prices should reassure traders who were previously hesitant to buy steel rebars due to the high price.
Ezz Steel quoted rebar price at EGP 3800 per ton, tax on sales which is at 5% included, thus marking a decrease by EGP 300 as compared to April sales price. The customer sales price is, hence, at EGP 3970 per tonne to EGP 4040 per tonne. Beshay Steel, the second largest rebar producer in Egypt, also announced a cut so that the price is now at EGP 3800 per tonne. Meanwhile, Al-Marakbi company set the rebar price at EGP 3750 per tonne.