Steel prices hit four-year low amid falling demand

Factory prices of steel rebar have fallen below EGP 10k per ton, its lowest level since the EGP float, the CEO of steel distributor El Massia, Khaled El Degwy, said. Factories have slashed prices by EGP 1k per ton for wholesalers on the back of falling global prices and weak domestic demand. Ezz Steel has lowered its sale price of rebar by EGP 1k to EGP 9.9k per ton, and its roll price by EGP 900 to EGP 9.8k per ton. El Garhy steel lowered its prices for the third time this month to EGP 9.5k per ton, the lowest price on the market. Factories have cut prices repeatedly this month as local demand falls and producers face increasing competition from international companies.