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05 October 2023

El Ezz Steel Rebars drops sales price

By Staff Writer

El Ezz Steel Rebars, the biggest independent steel maker in the Middle East, dropped 13 piasters, or 1.8 per cent, to £E6.88.

The company cut its sale prices for March by £E340 to £E3,060 pounds a tonne after cheap steel imports from Turkey fuelled competition with local producers, Al Wafd newspaper said.

"We did not expect this drop in Ezz Steel's ex-factory selling prices given that imported steel was expected to face a dumping case," CI Capital wrote in a note yesterday.

Investment bank EFG-Hermes forecast yesterday that "Ezz Steel will continue to lower prices over the next few months given weak demand".