The first part of 2025 highlighted developments in Egypt's iron and steel sector. On a y/y basis, exports were decreased 26% to around USD 425 million, while imports were decreased by 20% to USD 967 million. These data include scrap, billet, long and flat steel as well as various smaller items.
Brazil ranked first among the countries importing the most iron and steel products from Egypt. Türkiye, the US, Lebanon, Albania and Sudan were also in the top six. This shows that fluctuations in global trade are also reflected in the Egyptian market.
Exchange rate and demand are effective in the decline in prices
Rebar prices in Egypt have recently seen a noticeable decline. Between 80 piasters (USD 0.02) and EGP 50.75 (approx. USD 1.08), the availability of foreign currency has contributed to the drop in prices. According to sector countries, these factors are directly reflected in the prices of final products.
El-Ashry: We are monitoring prices
Ayman El-Ashry, President of El-Ashry Iron and Steel Company, stated that they are analyzing fixed production costs and market dynamics, and that this data will inform their decision to keep or re-set prices.
Reduced demand heats up competition
Ashraf El Garhy, Sales Manager at El Garhy Steel, emphasized that the main reason for the price cuts was the decrease in demand. El Garhy wished that some of the rising energy and operating costs would increase these cuts in order to reduce prices.
Price race between companies has started
Ahmed Abdel Wahed, Sales Manager at Abdel Wahed Steel, stated that there will be a serious price reduction race among investment iron targets. Some firms have offered discounts of up to EGP 1,000/ton (USD 21.3). El Marakby guaranteed a discount of EGP 700/ton (USD 15) until May 15, while Ezz Steel offered a 14-day backdated price guarantee. Another reduction of EGP 500/ton (USD 10.6) is expected in the next two days due to low demand and competition between firms. In addition, dealers and distributors have full stocks, forcing the price of the product to break.
Here are some current iron prices in the market:
- Ezz Steel: EGP 38,200/ton (USD 813)
- Suez Steel: EGP 38,100/ton (USD 811)
- Beshay Steel: EGP 38,200/ton (USD 813)
- El Marakby Steel: EGP 36,300/ton (USD 772)
- Egyptian Steel: EGP 38.100/ton (USD 811)
- Ashry Steel: EGP 35,500/ton (USD 755)
- Garhy Steel: EGP 36,000/ton (USD 766)
- Misr Steel: EGP 34,500/ton (USD 734)
- El Komy Steel: EGP 34,000/ton (USD 723)
- El Ola Steel: EGP 33,700/ton (USD 717)
- Al Gioshy Steel: EGP 34,500/ton (USD 734)
Cement prices are increasing
While iron prices have fallen, cement prices have increased. The average price per ton increased to EGP 3,500 (USD 74.5). This increase is attributed to the growth in export volumes and the reduction in production capacity.
Comments
No comment yet.