Owing to the slumping domestic demand in Egypt, Political instability and dull demand over religious holidays, domestic steelmakers are reducing their prices.
A largest independent producer of long and flat steel based in MENA (Middle East & North Africa) region Ezz steel has announced at 1st of August the prices for 1.96-12.7 mm S235JR HR coils at EGP 4,773/MT (USD 614/MT) EXW, by EGP 200/MT (USD28/MT) down from last month. The prices in US dollar excluded 11% tax, while those in the Egyptian pounds are tax-inclusive.
Whereas, another leading steel producer Egyptian Iron and steel company Hadisolb are selling HR coils to local buyers in the July prices only. The mill's 2.9-8 MM ST37 materials are in offer of EGP 4,650/MT (USD598/MT) EXW.
The official interbank exchange rate is at USD1 = EGP 7.
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