In the Egyptian domestic market, local producer
EZDK has kept its
rebar prices unchanged for a while now at EGP 4,500/mt ($746/mt) ex-works, including eight percent VAT. While
rebar demand has not been very strong lately in the Egyptian domestic market, local buyers prefer not to conclude deals for import materials but to meet their needs in the domestic market instead.
There is a big difference between Egyptian buyers' import price expectations in the range of $660-670/mt CIF and Turkish mills' offers. This week Turkish mills have offered
rebar to the export market at $680-685/mt FOB on actual weight basis, while producers in the Iskenderun region of
Turkey have also offered
rebar to
Iraq at the level of $690-700/mt ex-works. Accordingly, it seems difficult for Turkish producers and Egyptian buyers to find common ground in the coming days. Buyers in
Egypt take local producers' prices into account when they consider import offers and seek to conclude deals below the local prices.
$1 = EGP 6.03