SteelOrbis has learned from market sources that rebar demand in the Egyptian long steel market is still lackluster. The domestic market remains silent due to ongoing political and economic instability. Against this background, local buyers are only concluding purchases according to their needs and are still not rushing to make any purchases in the import market. On the other hand, Turkish rebar offers to Egypt are at $670/mt FOB for end of April, but no transactions have been heard at this price range yet.
In addition, the local Egyptian long steel market rebar prices are at around EGP 4,500/mt ($746/mt) ex-works, including eight percent VAT.
$ 1 = EGP 6.03