Ahmed El-Zeini, head of the Building Materials Division, announced that some iron companies started reducing prices, as Ezz Steel reduced the iron prices of a tonne by about 830 pounds for the  May prices 2022 so that the price of a tonne of Ezz Steel reaches 19170 pounds, delivery to the factory land includes value-added tax.

Ahmed El-Zeini highlighted that the steel companies might begin the journey of lowering prices, similar to Ezz Steel, and the prices would be revealed successively during the coming period. Pointing out the significance of not publishing incorrect prices in some media and accuracy is investigated.

Iron prices in Egypt recorded significant increases over the past two months with the start of the Russian-Ukrainian war. Ukraine is considered a source of iron ore production worldwide, which affected supply chains and the occurrence of price increases globally.