Gold prices in Egypt are witnessing a state of instability among merchants, in conjunction with their stability in factories, amidst a state of uncertainty and instability in the iron market in Egypt due to the low or almost non-existent sectoral selling rate, depending on the governorate.
Rami El-Alimi, head of the Iron Traders Association in Egypt and one of the business developers in the sector, said that the building materials markets are awaiting the decision to fully open building permits, in addition to the decline in the price of iron in Egypt and the return of the commercial price to the prices announced by factories at the beginning of each month.
Al-Alimi added in statements to “Al-Mal” that the instability of the exchange rate in the markets contributed to the lack of clarity of vision among the majority of dealers in the sector, calling for the need to work on monitoring the market more to control the market and work to increase supply and deliveries, which helps prices return to decline again.
In the following report, the money monitors iron prices in Egypt for commercial sale, according to Al-Alimi, as follows:
The price of iron tea is 34,000 pounds per ton
Egyptian iron prices 34050 pounds per ton
The price of Egypt Steel is 33,000 pounds per ton
Garhi iron prices 33000 pounds per ton
Investment iron prices range from 32,000 to 33,500 pounds per ton
The price of Ezz Steel ranges from 35,000 to 35,500 pounds for the consumer
He pointed out that the volume of commercial demand does not exceed 40% of the production capacity of factories, and most of the withdrawals go to the contracting companies, explaining that the instability of commercial sale prices and the prices may be discretionary and related to the volume of supply and demand.
Al-Alimi revealed that there is a decline in the prices of iron ores globally, as iron ore recorded $116, while the price of a ton of scrap was about $374, in addition to recording the prices of Russian pellets at $460, indicating a significant stagnation in the movement of selling to the consumer in a large way.
2023-08-27 20:45:00
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