2023-08-09 23:33:48
The Unexpected Decline in Egyptian Steel Prices: Secrets Behind the Decision Al-Garhi Steel Company stimulates the market with unexpected news 450 pounds per ton, starting from Thursday 10-8-2023, in a distinguished step, the first of its kind in 14 months.
fluctuations in steel prices
The market has not witnessed major changes in iron prices since June 2022, as prices fluctuated between stability and a slight increase. The question that comes to mind: What prompted the Garhi Steel Company to take its new decision?
Expert Opinions on Retreat
Abdel Khalek Farahat, the head of New Delta Building Materials Trading Company, gave his opinion on the current decline, as he indicated that Al-Garhi leads the companies that lowered steel prices, by recording the price of a ton at 31,500 pounds per ton, delivered to the factory land. Farahat expected that the price per ton would exceed 33,000 pounds following adding the additional costs.
Reasons behind the decline
Despite the prevailing conditions in the market, the possible reasons for the decline in prices are related to the decline in domestic demand and the decline in scrap prices globally, in addition to the decline in pallet and raw materials prices. However, some remain optimistic, while others expect rebar demand to remain stagnant in the coming days.
Market competition
While some companies, such as Ezz Steel, have kept their prices stable, others have announced different prices. It is worth noting that these differences in prices are due to the quality and reputation available to each company.
In conclusion, the Egyptian steel market remains full of challenges and changes, but what remains constant is the constant search for quality and excellence in the field of iron industry.
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