Iron factories have reduced the prices of iron for June by around LE300. The average selling price of one ton of iron will be set at LE3600.
Ezz Steel has lowered its prices by LE250, such that the new factory price will be LE3550, and the price for consumers LE3720, compared to LE3800 and LE3950 respectively last month. Prices of other factories will range between LE3400 and LE3500 per ton.
Meanwhile, factory owners and traders said the decision by iron factories to cut prices shows that their pricing policy is flawed and not governed by specific criteria.
Samir Noamani, sales manager at the Ezz Group, said the fact that his company announced its new prices two days before the date specified for the announcement of prices for June can be explained by the state of recession gripping the iron market.
Mohamed Hanafi, head of the Chamber of Industries, said that the reduction of prices of iron is logical given the current state of recession and the drop in the prices of raw materials internationally.
Translated from the Arabic Edition.