Iron prices decrease to LE 300/ton due to decline of pallet

CAIRO – 15 April 2018: Prices of iron per ton decreased to LE 300 from LE 400 due to decreasing international prices of pallet by about $50 per ton, according to Head of the Building Materials Division at the Cairo Chamber of Commerce Ahmed el-Zeiny.

The division revealed that iron prices will fall during the month of Ramadan, due to the decline in raw material prices and the recession due to higher prices.

Zeiny clarified that iron prices of delivery land factory range from LE 12,100 to LE 12,528 per ton while it reaches the consumers with prices ranging from LE 12,500 to LE 12,800 per ton.

He said that imports operations stopped after stating anti-dumping duties on imported iron from China, Turkey and Ukraine.

In 2017, the Trade Ministry put tariffs on steel rebar from China, Turkey, and Ukraine for five years.
The tariff was first implemented in June to protect local manufacturers and was set at 17 percent for Chinese steel, 10-19 percent for Turkish steel, and 15-27 percent for Ukrainian steel.

Zeiny attributed the decline of prices during that latest period to the start of the operations of 70 percent of the production capacity of Al-Arish Cement Company, which prompted foreign producing companies to reduce their prices.

Iron prices dropped during the latest period by LE 200, recording LE 900 per ton, thereby it reached the customers at LE 950 to LE 1,000 per ton, he said.

Zeiny added that the new Beni Suef plant started experimental production on Saturday, pointing out that by the beginning of next month the plant will produce 40,000 tons per day, which will further reduce the prices during the coming period due to the rise of supply.