In a move that signals a potential shift in Egypt's steel industry, Ezz Steel Company has announced a significant decline in the prices of both rebar and flat steel, effective from April 5, 2024. This decision comes amidst growing economic optimism and a desire to stimulate demand within the construction sector.
According to the latest statement released by Ezz Steel, the price of rebar is set to drop to EGP 40,700 per ton, marking a notable decrease of EGP 5,800. Simultaneously, the price of flat steel will see a substantial reduction to EGP 41,700 per ton, reflecting a significant decline of EGP 8,620. These prices are inclusive of value-added tax and apply EXW , indicating a favorable scenario for buyers.
The decision to lower prices reflects Ezz Steel's commitment to adapting to market dynamics while remaining competitive. By offering more attractive pricing, the company aims to stimulate demand and support ongoing and upcoming construction projects across Egypt.
Industry experts suggest that the reduction in steel prices could have far-reaching implications for various sectors of the economy, particularly construction and infrastructure. Lower input costs for steel may encourage developers to proceed with projects that were previously stalled or delayed, potentially spurring economic growth and job creation.
*1 USD = 47.95 EGP*
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