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Iron prices to further decline as EGP levels up

Iron prices to further decline as EGP levels up
Iron prices have dropped by EGP 300 per tonne since the beginning of the week

By: Abdullah Bedeir

Cairo – Mubasher: Iron prices are expected to further decline in the coming period, Ahmed El-Zeiny, the head of chamber of building materials at the Federation of Egyptian Chambers of Commerce (FEDCOC) told Mubasher.

With the appreciation of the Egyptian pound against the US dollar, prices of iron are forecast to slide by EGP 200-300 per tonne, El-Zeiny noted.

Since the beginning of this week, iron prices have dropped by about EGP 300 per tonne on the back of high supply and increased competition, he revealed.

Iron ex-works prices range between EGP 9,500 and 10,000 per tonne, while prices for consumers range from EGP 9,900 to EGP 10,300 per tonne.

It is noteworthy that at mid-December 2019, the EGP exchange rate against the US dollar fell to EGP 15.76 for buying, hitting its lowest level since 28 February 2017.