Several Egyptian iron companies have slashed product prices for November in a move that workers attributed to falling international prices and the large quantity of low-cost Turkish iron that has invaded the local market.

Ezz Steel cut its EXW price for rebar by EGP 300 per tonne to EGP 4500 per tonne.

Beshay Steel, meanwhile, lowered its price from EGP 4780 per tonne to EGP 4700 per tonne.

Garhy Iron also cut its prices from EGP 4780 per tonne to EGP 4470 per tonne.

Mr Mohamed Hefny, the head of the metallurgical industries division at the Federation of Egyptian Industries told Al-Masry Al-Youm that the recent drop in prices can be linked to falling world rates, which he said have dropped from USD 700 per tonne to USD 650 per tonne.

Mr Hefny added that the large quantities of cheap Turkish iron have forced companies to drop their prices in order to compete.

Ezz Steel's commercial director, Mr Samir Noamany, said his company announced its price cuts early in a bid to enliven the currently stagnant iron and steel market.

Mr Ahmed al-Zeiny, head of the building materials division at the Cairo Chamber of Commerce, said Turkish mills sells for EGP 4000 per tonne, EGP 500 lower than the Egyptian version, which, he said, has prompted the companies to lower their prices.

(Sourced from Youm7)