Ahmed El-Zeini, head of the Building Materials Division, announced that some iron companies started reducing prices, as Ezz Steel reduced the prices of a ton of iron by regarding 830 pounds for the prices of May 2022, so that the price of a ton of Ezz Steel would be 19,170 for factory land delivery inclusive of value-added tax.
In exclusive statements, Ahmed Al-Zayni confirmed that the steel companies may start the journey of reducing prices, similar to Ezz Steel, and the prices will be announced successively during the coming period, pointing out the importance of not publishing false prices in some media and that accuracy is investigated.
Iron prices in Egypt recorded significant increases over the past two months with the start of the Russian-Ukrainian war, as Ukraine is considered a source of iron ore production in the world, which affected supply chains and the occurrence of price increases globally.