{"id":546120,"date":"2022-04-28T03:57:25","date_gmt":"2022-04-28T03:57:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/steel-prices-are-starting-to-cool-off-elsewedy-inks-electric-motors-agreement\/"},"modified":"2022-04-28T03:57:25","modified_gmt":"2022-04-28T03:57:25","slug":"steel-prices-are-starting-to-cool-off-elsewedy-inks-electric-motors-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/steel-prices-are-starting-to-cool-off-elsewedy-inks-electric-motors-agreement\/","title":{"rendered":"Steel prices are starting to cool off + Elsewedy inks electric motors agreement"},"content":{"rendered":"

<\/a> Ezz Steel has lowered steel rebar prices by 4%<\/strong>, marking the first drop in price since Russia\u2019s invasion of Ukraine sent the cost of building materials soaring. The company will now sell a ton of steel rebar at EGP 19.17k, down from EGP 20k, the company announced in a disclosure to the EGX (pdf)<\/a> yesterday, citing the need to maintain a balance between price stability and pricing dynamics.<\/p>\n

Iron + scrap prices have fallen:<\/strong> Ezz said that the prices of the steel scrap had fallen sharply by USD 64.23 per ton over the past two days while the effective price of iron ore had decreased 65% by USD 33 per ton. Steel billet prices from Russia also continued to slide in the past eight days, dropping USD 60 per ton due to the Western sanctions and production difficulties, it added.<\/p>\n

Other companies are also looking to bring down asking prices<\/strong>, Al Mal<\/a> and Youm7<\/a> report, citing local industry officials.<\/p>\n

The move comes a few weeks after Prime Minister Moustafa Madbouly <\/strong>called on the industry<\/a><\/strong> to maintain \u201cfair\u201d prices<\/strong>. The government is eyeing more support for contractors as the war in Ukraine paired with the EGP devaluation sends materials prices soaring, squeezing developers\u2019 margins and threatening project completion timelines.<\/p>\n

EDITOR'S NOTE- This story was amended on 28 April, 2022 to reflect that the prices of steel scrap, iron ore, and steel billet fell by USD 64.23, USD 33, and USD 60 per ton. An earlier version of this story indicated that these were the product prices after the reductions.\u00a0<\/em><\/p>\n

OTHER MANUFACTURING NEWS-<\/p>\n

Elsewedy Electric partners with China's Wolong Electric on electric motors + <\/strong>service center:<\/strong> The two manufacturers signed an agreement to distribute electric motors, establish one of the region's biggest service centers, and explore ways to develop the local industry, Elsewedy announced in a press release (pdf)<\/a>. Wolong Electric will provide Elsewedy with several brands of motors to sell for use in products such as home appliances and electric vehicles. The service center will have a cranage capacity of 50 tons.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ezz Steel has lowered steel rebar prices by 4%, marking the first drop in price since Russia\u2019s invasion of Ukraine sent the cost of building materials soaring. The company will now sell a ton of steel rebar at EGP 19.17k, down from EGP 20k, the company announced in a disclosure to the EGX (pdf) yesterday, […]<\/p>\n","protected":false},"author":1,"featured_media":546121,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7255],"tags":[317,152,72,589,131,270,304,1779],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-commodities","tag-elsewedy-electric","tag-enterpriseam","tag-ezz-steel","tag-manufacturing","tag-russia","tag-ukraine","tag-wolong-electric","wpautop","entry"],"acf":{"mongo_id":"ed46dbb9-0f03-4b7a-ad29-68f61638bc84","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/392.jpg","photo_position":"above","related_issue":[546112],"teaser":"","voice_url":""},"yoast_head":"\nSteel prices are starting to cool off + Elsewedy inks electric motors agreement - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/steel-prices-are-starting-to-cool-off-elsewedy-inks-electric-motors-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steel prices are starting to cool off + Elsewedy inks electric motors agreement\" \/>\n<meta property=\"og:description\" content=\"Ezz Steel has lowered steel rebar prices by 4%, marking the first drop in price since Russia\u2019s invasion of Ukraine sent the cost of building materials soaring. 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Factories have slashed prices by EGP 1k per ton for wholesalers on the back of falling global prices and weak\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544568,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/","url_meta":{"origin":546120,"position":1},"title":"Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"The world has seen an \"unprecedented\" increase in the prices of strategic goods over the past two weeks on the back of the conflict in Ukraine, Prime Minister Moustafa Madbouly said in a press conference yesterday laying out the government\u2019s response to the crisis (watch, runtime: 40:41). Russia\u2019s invasion of\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/121.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618313,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/07\/govt-is-working-on-an-app-for-price-tracking-and-an-app-for-consumer-complaints\/","url_meta":{"origin":546120,"position":2},"title":"Gov\u2019t is working on an app for price tracking and an app for consumer complaints","author":"enterpriseam admin","date":"7 April 2024","format":false,"excerpt":"The government has developed a mobile application to enable users to view and report commodity prices \u2014 dubbed Price Radar","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/672.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618551,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/ezz-steel-turns-to-losses-in-2023-despite-revenue-growth\/","url_meta":{"origin":546120,"position":3},"title":"Ezz Steel turns to losses in 2023 despite revenue growth","author":"enterpriseam admin","date":"16 April 2024","format":false,"excerpt":"Revenues rose on the back of record exports as the company moved away from domestic sales","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/949.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593653,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypt-reduces-natural-gas-prices-for-three-types-of-factories\/","url_meta":{"origin":546120,"position":4},"title":"Egypt reduces natural gas prices for three types of factories","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Gov\u2019t announces long-awaited decision to lower natgas prices for industry, but only for a few sectors: A ministerial committee lowered on Thursday the price of natural gas for the cement, metallurgy, and ceramics industries after repeated calls by manufacturers, cabinet said in a statement. The price for cement factories was\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/264.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593622,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/long-delayed-steel-tariffs-ruling-takes-its-toll-on-local-steelmakers\/","url_meta":{"origin":546120,"position":5},"title":"Long-delayed steel tariffs ruling takes its toll on local steelmakers","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"Long-delayed steel tariffs ruling takes its toll on local steelmakers: Egyptian steel companies have slashed prices as they struggle to cope with the uncertainty caused by the delayed ruling on the government\u2019s imposition of tariffs on rebar and iron billets, S&P Global Platts reports. Ezz Steel cut its wire rod\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/2819.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546120"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546120\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546121"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546120"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546120"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}