According to market sources, rebar prices in the local Egyptian market are currently in the range of EGP 4,700-4,800/mt ($657-671/mt) ex-warehouse, including eight percent VAT for prompt sales. It is known that Egyptian producer EZZ Steel has reduced its January production rebar offers by EGP 120/mt ($17/mt) as compared to its price levels for December output materials to EGP 4,730/mt ($662/mt) ex-works. Despite the declines recorded in rebar prices, market sources state that lately rebar consumption in the local Egyptian market has weakened significantly, with demand on the low side due to the cold and rainy weather conditions in the country.
Meanwhile, Chinese offers to Egypt for chrome-added rebar are now in the range of $445-460/mt CFR. Egyptian importers state that it is impossible to see ex-Turkey offers below $500/mt FOB which is considered to be on the high side. Hence, there is no interest in Turkish rebar in the Egyptian market.
$1 = EGP 7.15