After Egyptian steel mill
EZZ Steel reduced its
rebar prices for October towards the end of last week, other local steel producers, such as Beshay Steel and Suez Steel, have also announced price decreases in their domestic
rebar offers. Accordingly, Beshay Steel has reduced its
rebar prices by EGP 200/mt ($33/mt) as compared to September levels to EGP 4,075/mt ($699/mt) ex-works, including eight percent VAT, while Suez has reduced its
rebar offers by EGP 250/mt ($41/mt) as compared to last month to EGP 4,000/mt ($657/mt) ex-works, including eight percent VAT.
In the meantime, silence prevails in the overall Egyptian market, while local buyers indicate that
rebar import offers to the country should be at around $580/mt CIF in order to attract interest. However, Turkish
rebar offers are not in line with this level, and so the import market seems set to remain quiet for another while.
$1 = EGP 6.09