Egyptian domestic rebar prices drop on billet price reduction
Wednesday, 04 Nov 2009
CI Capital commented that on world drop in billet prices to USD 420 is positive for real estate and construction industries in the local market due to downward trend of steel prices.
Al Ahram newspaper reported that billet drop has led steel prices on the local market to witness a drop for the 3rd month in a row where Beshay Steel reduced its ex-factory selling prices by EGP 150 per tonne to EGP 2,790 per tonne in comparison with EGP 2,940 per tonne over the past month.
Moreover, El Garhy Steel reduced its ex factory selling prices by EGP 150 per tonne to EGP 2,800 per tonne compared to previous EGP 2,950 per tonne.
