Rebar import activity quiet in Egypt

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