Rebar demand in the Egyptian domestic market is currently sluggish. Nevertheless, with the revival of the
rebar markets following the New Year holiday,
rebar demand in
Egypt is expected to indicate an improvement.
Currently, Turkish mills'
rebar offers to the Egyptian market are standing at $695/mt CFR for prompt shipments. Egyptian buyers, however, are not making any purchases at this price level for now, finding the price to be on the high side, and so they prefer to work with local traders who have lower prices.
As SteelOrbis previously reported, last week
Egypt's largest
rebar producer
EZZ Steel had increased its domestic
rebar price by EGP 100/mt ($17/mt) for January to the level of EGP 4,600/mt ($762/mt) ex-works. The price in question is on actual weight basis and includes eight percent sales tax.