Egyptian steel producer Beshay Steel has announced a reduction of EGP 10/mt ($1.70/mt) in its
rebar prices for August to EGP 4,300/mt ($708/mt) ex-works, inclusive of eight percent tax. As SteelOrbis reported last week, another Egyptian steel mill
EZZ Steel has kept its
rebar prices unchanged for August at EGP 4,330/mt ($713/mt) ex-works.
It is thought that with this downward price correction Beshay Steel is aiming to become more competitive and to regain the market share it had lost, though market activity is still slack.
Despite the price adjustment made by Beshay Steel, domestic
rebar prices in
Egypt are still not sufficiently competitive to limit Turkish
rebar imports to the country. It is believed that Turkish
rebar sales to
Egypt will revive with the first signs of a revival in the country's domestic
rebar demand.
$1 = EGP 6.07