Egypt- Ezz Company reduces steel prices 

(MENAFN - Youm7) Ezz Steel Company announced Sunday it would reduce the price of steel by 300 EGP (U.S. 50) a ton next November, to 4,500 EGP (U.S. 755) for industry and 4,650 EGP (U.S. 780) for consumption.

The company announced it would apply the new prices through November, starting Tuesday.

Ezz Steel's marketing director said the announcement was driven by international reasons.

It is unusual for the company to announce the prices at the end of the month. Prices are typically announced at the beginning of the month.

World prices have dropped in the past two weeks. A ton of steel has fallen to 670 (3,993 EGP) from 720 (4,291 EGP).

He added there are other domestic reasons for the early announcement, including the Eid al-Adha feast holiday.

The marketing director added that companies would follow Ezz Steel's announcement as it controls 60 percent of the Egyptian market.