Market sources report that Egyptian traders' offers for
rebar are still standing at the level of EGP 4,870/mt ($697/mt) delivered, including eight percent VAT, remaining stable since last week.
Meanwhile,
rebar offers to
Egypt from
Turkey can be found at $585-590/mt FOB ($600-605/mt CIF) on actual weight basis. After the conclusion of plenty of
rebar deals from
Turkey in the range of $570-580/mt FOB over the past two weeks, demand in
Egypt has slowed down. No improvement is anticipated in activity until after the Egyptian presidential elections which will take place in late May, while Egyptian buyers are expected to reject Turkish
rebar offers above the level of $580/mt FOB.
$1 = EGP 6.99