Egypt’s steel factories are reducing their prices this month by an average of EGP 300 per ton, given the recession dominating the local market, Invest-Gate reports.

“Ezz Steel Group announced that its steel prices stand at EGP 9,500 per ton in April, compared to EGP 9850 one month earlier. Meanwhile, the Beshay Group put its steel prices at EGP 9,500, compared to EGP 9,750 in mid-March,” reads a statement released by the factories on April 2.

Moreover, Al-Gioshy Steel is announcing that its steel prices hit EGP 9,300 per ton in April, down by EGP 350 compared to EGP 9,650 recorded on March 18. The Egyptian Iron Group says that its steel prices stand at EGP 9,475 per ton in April, down by EGP 275 per ton compared to EGP 9,200 registered two weeks ago.