Egyptian rebar demand negatively affected by political instability

Last week, rebar export offers from Turkey to the Egyptian market were in the range of $660-665/mt CFR for prompt shipments. However, Egyptian buyers have been showing no interest in these offers as they have found the range high and they still have enough inventories. Besides, they have been in wait-and-see mode for a while now as they seek to catch the lowest prices.
 
Rebar demand levels in Egypt have also indicated a decline this week due to lack of stability caused by the current political tensions in the country. No rebar export offers have been heard from Turkey to the Egyptian rebar market at the start of the week.