Egyptian rebar market remains quiet contrary to expectations

After Egyptian steel producer Beshay Steel's employees went on strike in the last week of April and the company suspended its production, rebar supply in the Egyptian market was predicted to shrink and expectations had emerged for a possible rise in rebar prices due to limited material supply in the market. However, despite these issues, the Egyptian market has continued to be characterized by sluggishness.
 
Due to the ongoing socio-political upheaval in Egypt, trade has nearly ground to a halt. In the meantime, contrary to expectations for a supply reduction, rebar availability in the Egyptian market is expected to reach very high levels after the arrival in the coming period of rebar cargos from previous transactions. It is thought that this may cause prices to move downwards, given the poor rebar demand in the country. In the Egyptian domestic rebar market, prices are currently standing at EGP 4,600-4,650/mt ($762-770/mt) ex-warehouse, while negative expectations predominate due to the ongoing political tensions and increased market supplies.
 
$1 = EGP 6.04