According to market sources, traders' rebar offers to the Egyptian domestic market have remained unchanged since last week at EGP 5,000/mt ($699/mt) delivered, including eight percent VAT.
Transaction activity is on the low side due to the hot weather conditions in the country. This week, demand for import rebar in Egypt is still weak, while ex-Turkey rebar offers to Egypt have remained in the range of $560-570/mt FOB.
SteelOrbis has been informed that Turkish producers have not revised their rebar prices downwards, while buyers expect far lower prices.
In addition, ex-CIS billet offers to Egypt have remained unchanged over the past week at $520/mt CIF.