According to market sources, domestic rebar prices of Egypt-based steelmaker Beshay Steel has announced its domestic rebar prices at the increased level of EGP 10,373/mt ($579/mt) ex-works, including 14 percent. In the coming days, other Egyptian steel mills are expected to follow suit and also raise their prices.
Additionally, SteelOrbis has been informed that the 13 percent VAT applied on rebar sales in Egypt has been increased to 14 percent as of the start of July.
$1 = EGP 17.90