Local steel producers lowered June steel prices by about EGP 300 per tonne to EGP 3600 per tonne while Ezz Steel lowered its prices by EGP 250 per tonne to become EGP 3550 for ex factory and EGP 3720 compared to EGP 3800 for ex factory and EGP 3950 in May.
It is worth noting that, Bchay steel prices reached EGP 3500 for ex factory instead of EGP 3800 in May while the other investment factories'' steel prices averaged between EGP 3400 per tonne to EGP 3500 per tonne.
Mr Samir Noamany corporate sales officer of Ezz Group stated that setting prices earlier before its due date came because recession which faces steel market.
Mr Mohamed Hanafy GM of Chamber of Metallurgical Industries stated that reducing prices is logical in the shadow of the current sharp recession in demand along with lower international row materials.