Cairo - Mubasher: Five Egyptian steel companies reduced their maximum steel prices by nearly EGP100 per tonne in July, said supply minister, Khaled Hanafy.

Medisteel and Misr National Steel (Ataqa) cut their steel prices to EGP 5,300 per tonne each, while Sarhan Steel slashed it to EGP 5,100 per tonnw and Estar Egypt for Industries reduced their prices to EGP 5,200/ton.

On the other hand, some companies kept their prices unchanged: Ezz Group maintained its prices at EGP 5,675 per tonne, and El Suez for Steel Industries and Delta Steel at EGP5,550 and EGP 5,500 per tonne, respectively.

Weekly steel production declined to 140,000 tonnes in July compared to 164,000 tonnes in June.

Steel supply increased to 675,000 tonnes in July from 580,000 tonnes in the previous month.

Local sales also advanced reaching 140,000 tonnes in July compared to 113,000 tonnes in the month before.