El Ezz Steel Rebars drops sales price

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".