After a series of consecutive gains in the past two months, the Egyptian market witnessed a new decline in the price of iron ton in most companies operating in Egypt at a value of between 200 and 400 pounds.
Merchants of building materials attributed the drop in prices to the decline in prices of pallet ore globally at a value of between $ 30 to $ 40; as most Egyptian iron companies import pallet ore from abroad.
The price of tons of iron Ezz worth 262 pounds, to record 12528 pounds per ton, compared to 12790 10 days ago.
The price of Al-Marakbi Steel fell to LE 12350, compared to LE 12675, down EGP 325 per ton and Egyptian Iron to LE 12,500 compared to LE 12,850 at the beginning of the month.
Al-Jarhi Steel lost 300 pounds per ton to 12450 pounds, against 12750 pounds. The price of Tanta iron fell to 12250 pounds, compared to 12600 pounds, down 350 pounds in 10 days.
The price of a ton of iron in the companies of Quta and Sarhan to 12250 pounds for 12700 pounds, down 450 pounds.
“The main reason for the drop in prices is the drop in pallet prices worldwide,” said Ahmed al-Zaini, head of the building materials division.
Al-Zaini said in remarks to Arab Egypt that although prices have fallen, they are not commensurate with the size of the drop in pallet prices because the pallet has dropped 40 dollars and the iron companies have only reduced 200 or 400 pounds per ton.
“But when the price of a pallet rises only $ 10, companies are raising the price of iron so we are waiting for further price declines in the coming period.”
Khalid Al-Dajwi, President of Diamond Trading Company, said that Prices of iron Witnessed a decline two days ago worth between 250 to 450 pounds per ton of factory-delivered.
Al-Dujawi attributed this decline to a drop in pallet prices from $ 570 per tonne to $ 530 per ton.
Al-Dujawi expected a further decline in the prices of tons of iron, if the price of pallet and scrap continues to decline.
It was Prices of iron Witnessed a big jump in the beginning of last month due to the rise in the price of “pallet” and scrap worldwide, because of the turmoil raised by US President Donald Trump’s decision to impose tariffs on iron imports in America.