SteelOrbis has learned that the price level of Egyptian production rebars in the local market is now at around EGP 5,800/mt ($1,069/mt) on actual weight basis, including five percent VAT.
The rebar price level in the local Egyptian market has declined slightly since the beginning of April when it reached EGP 6,000/mt ($1,106/mt) on actual weight basis, including VAT. The pressure from buyers in the local market and the reports of some rebar deals concluded from Turkey in particular, especially following the Egyptian government's announcement of its removal of the import duty on rebars, may have triggered the decline in question.