Demand for import rebar in the Egyptian market is still strong against the backdrop of the Egyptian authorities' decision to extend the mandatory registration deadline for foreign suppliers. Currently, Turkish rebar offers to the country are in the range of $345-355/mt CFR, while domestic prices in the Egyptian market are at EGP 4,200-4,500/mt ($536-575/mt) ex-works, including eight percent VAT.
Market sources state that Turkish producers are expected to sell approximately 140,000-150,000 mt of rebar to Egypt in February. However, registration of Turkish suppliers at Egypt's General Authority of Export and Import Control is very slow and Turkish suppliers' applications have not been answered yet. If registrations are not completed by the beginning of March, rebar export volumes from Turkey's southern regions to Egypt are foreseen to decline significantly.
$1 = EGP 7.83