Egyptian rebar market still quiet

In the local Egyptian rebar market, rebar quotations have remained strong even though demand is still lackluster. At present, domestic rebar market prices are approximately at EGP 4,500/mt ($746/mt) ex-works, including eight percent VAT.
 
In the meantime, Egypt has continued to receive rebar offers from Turkey. Accordingly, the latest rebar offers given by Turkey to the local Egyptian market are standing at $675/mt CFR, but local buyers are still reluctant to conclude purchases. Egyptian buyers are first waiting for domestic demand to increase, while they are also hoping for offers to drop $10/mt below current offer levels.
 
$1 = EGP 6.03