Egypt’s largest steel producer Ezz Steel announced Sunday it will stablise prices for May at 9,500 Egyptian pounds per tonne ($526).
Samir Noaman, sales manager at Ezz Steel, attributed the decision to the stability in global prices of billet and building materials.
At the end of April, prices of some building materials witnessed some stability, as billet prices stood at $410; while scraps fell to around $245.95, and shredded scrap prices recorded $245.
On April 24t, prices for steel billet across international markets mostly moved down last week amid growing pressure from China and weaker ferrous scrap prices.
More and more Chinese traders emerged in the market with short-selling offers amid a collapse in their own local billet prices, while in Turkey deep-sea ferrous scrap import prices crashed in mid-April.