In the Egyptian domestic market,
rebar prices have remained unchanged as compared to last week at EGP 4,600-4,650/mt ($763-771/mt) ex-warehouse.
With sluggishness in the domestic
rebar market activity,
Egypt's import
rebar market is also quiet. Turkish
rebar offers to
Egypt are standing at $665-670/mt CIF, though no transaction has been concluded so far at this price range. The price idea of Egyptian buyers is below the Turkish
rebar offer prices. However, it remains in doubt whether Egyptian buyers will book material immediately at lower offer levels, since it is likely that, seeing signs of a softening in prices, Egyptian buyers will delay their purchases until prices hit bottom.
$1 = EGP 6.03