Last week, the Egyptian
rebar import market was fairly quiet and Turkish
rebar offers to the country were quite scarce. In addition, Turkish mills'
rebar export offers on FOB basis were even higher than Egyptian buyers' price expectations on CIF basis. Weak
rebar demand in
Egypt, coupled with local buyers' expectations for lower
rebar import offers, which are even below domestic prices, have made the conclusion of new
rebar import transactions almost impossible.
However, following the softening in Turkish mills'
rebar export offers today, April 18,
rebar offers from
Turkey to
Egypt have declined to $675/mt CIF. SteelOrbis has learned from market sources that Egyptian buyers are not inclined to show interest in these decreased offer price levels, as their price idea is standing at about $660-670/mt CIF. Nevertheless, as Turkish mills' offers are now closer to local buyers' expectations, particularly as compared to last week, it is thought that Egyptian buyers may now conclude new transactions from
Turkey and thus Egyptian
rebar import activity may revive.