{"id":550790,"date":"2022-04-27T13:11:43","date_gmt":"2022-04-27T13:11:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/this-evening-steel-manufacturers-are-starting-to-cut-prices-the-eu-is-preparing-to-replace-russias-natgas-supplies\/"},"modified":"2022-04-27T13:11:43","modified_gmt":"2022-04-27T13:11:43","slug":"this-evening-steel-manufacturers-are-starting-to-cut-prices-the-eu-is-preparing-to-replace-russias-natgas-supplies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/this-evening-steel-manufacturers-are-starting-to-cut-prices-the-eu-is-preparing-to-replace-russias-natgas-supplies\/","title":{"rendered":"THIS EVENING: Steel manufacturers are starting to cut prices + the EU is preparing to replace Russia\u2019s natgas supplies"},"content":{"rendered":"

It\u2019s a relatively calm Wednesday afternoon on the home front<\/strong>, ladies and gentlemen, giving us hope for a smooth slide into the weekend and Eid Al Fitr holiday.<\/p>\n

SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:30pm CLT this evening in the capital city, and fajr prayers are at 3:42am.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> Steel prices are cooling off:<\/strong> A handful of steel manufacturers in Egypt have started reducing their prices, head of the Cairo Chamber of Commerce\u2019s building materials division Ahmed El Zeiny said, according to Youm7<\/a>. Ezz Steel is among those companies, saying in a bourse disclosure (pdf)<\/a> today that it will slash the price per ton of steel by EGP 830 to EGP 19,170. The rising costs of building materials has been a sore point for local contractors and real estate developers, which are feeling the pinch of higher prices brought on by the Russia-Ukraine war, as we\u2019ve reported in previous editions of Hardhat (here<\/a> and here<\/a>).<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

<\/a> Nothing is cooling off over in Europe: <\/strong>Russia\u2019s decision to cut off natural gas supplies to Poland and Bulgaria is still leading the conversation this afternoon. The EU is mapping out a coordinated response, and has been working to ensure alternative deliveries in anticipation of a halt in Russian gas flows, with a meeting of the gas coordination group currently underway, European Commission chief Ursula von der Leyen said in a statement<\/a>. Germany\u2019s economy ministry said<\/a> it was meeting with EU partners to discuss the decision, and that it is monitoring the situation \u201cvery closely,\u201d adding that the country\u2019s gas flows are currently at \u201ca stable level.\u201d<\/p>\n

Not everyone is defiant, though: Four European gas buyers have already complied with Russian President Vladimir Putin\u2019s demand to make payments in RUB<\/strong>, Bloomberg<\/a> reports, citing sources in the know, adding that ten companies have already taken the needed steps to pay in the Russian currency and opened accounts at Gazprombank. Even if other buyers follow Bulgaria and Poland\u2019s footsteps and reject Moscow\u2019s demands, there probably won\u2019t be other immediate gas cutoffs to more countries until the second half of May, when the next payments are due, the sources said.<\/p>\n

MARKET REACTION- European gas prices surged by a <\/strong>fifth<\/a><\/strong> today<\/strong>, with futures contracts trading at EUR 106 \/ mWh. Meanwhile, Russia\u2019s oil production is expected to fall by as much as 17% in 2022 \u2014 its most significant decline in decades \u2014 an economy ministry document showed, according to Reuters<\/a>.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n