The month of November turned to be positive in terms of local rebar consumption in Egypt. Demand totaled 689,000 mt, up by 44.1 percent month on month, but down 14.8 percent year on year due to the unprecedented Covid-19 impact.
The global uptrend which began in November and has continued at a rather rapid pace, is considered to be the key reason for the demand increase as local buyers have been in a rush to restock before prices climb even higher. However, sources expect the uncertainty regarding demand will not be resolved yet as the end-user side has to consume stocked material for buyers to be active in the market again, SteelOrbis understands.
