Market sources report that demand still sluggish in the local Egyptian rebar market. Local steelmakers, which are expected to revise their offers in the coming days, will likely reduce their prices by EGP 100/mt ($14/mt). Mills' latest offers for January production rebar were at EGP 4,950/mt ($710/mt) ex-works from Egypt's EZZ Steel, and at EGP 4,960/mt ($712/mt) ex-works from Beshay Steel.
Meanwhile, Turkish rebar offers, which are ranging at $585-590/mt CIF, have received little interest, while Egyptian buyers have concluded ex-Ukraine deals for 20,000 mt of rebar at $570-575/mt CIF.
$1 = EGP 6.97