Early this week, Turkish mills'
rebar offers to the Egyptian market were standing at $700/mt CFR, for late January shipments. However, finding this price level on the high side, Egyptian buyers have not concluded any transactions. As a result, coming towards the end of the week, Turkish mills have softened their
rebar offers to
Egypt to $690/mt CFR.
SteelOrbis has learned from market sources that, since local producer
EZZ Steel has not yet announced its new
rebar prices, no transaction has been concluded at Turkish mills' new lower prices, with a silent waiting stance prevailing in
Egypt. Nevertheless, Egyptian buyers are projected to start their
rebar bookings after
EZZ Steel's new price announcement, which is expected soon.