New coverage provided by Youm7 TV regarding the drop in the prices of new and building products in Egypt, following the drop in iron ores prices in the global market.
Iron prices had suddenly risen at the beginning of the Russian-Ukrainian crisis, by more than 100%, but global markets witnessed a remarkable shift in the prices of iron ores, as the price of iron ore decreased by 10% to reach 154 dollars per ton..
The scrap price also decreased by 14%, reaching 484 dollars per ton, which in turn was reflected in the Egyptian market, and led to a reduction in the prices of flats by 4,500 pounds per ton at once, equivalent to 18% of the price to reach 20,500 pounds per ton, ex-factory, inclusive. The sales tax is the largest reduction of its kind since the start of the Russian-Ukrainian crisis.
