Ezz Steel announces reduction in its November prices
Wednesday, 04 Nov 2009
El Ezz Group announced that it reduced November delivery prices by EGP 200 compared to October. Investment companies’ also reduced steel prices by EGP 190 per tonne to EGP 2750 per tonne compared to EGP 2940 in the previous month.
It is worth noting that Ezz Group raised September prices by EGP 200 compared to August prices and fixed October prices.
Ezz steel prices for November delivery amounts to EGP 2800 per tonne and EGP 2930 per tonne for end consumer compared to EGP 3000 and EGP 3130 for end consumer in October.
In a related context, trader attributed this decline of steel prices to the retreat of billet, whereas it amounted to USD 480 per tonne compared to USD 520 in the previous month.
Finally, Ezz Group, which controls about 60% of domestic production along with other local companies are willing to make further production reduction in the coming 2 months as a result of accumulated steel in the markets; either local production or exported one.
