Domestic selling prices for rebar in Egypt have indicated sizeable decline as most sellers have been giving some discounts and incentives for the buyers as compared to their official offers.
According to the sources, local rebar producers in Egypt are ready to sell rebar at $551-567/mt (EGP 10,200-10,500/mt) ex-works depending on the supplier. However, the official mills’ prices have remained generally unchanged and are $16-21/mt (EGP 300-400/mt) higher, SteelOrbis has learned. The rebar from the small sellers, according to the market sources, can be booked at $545/mt (EGP 10,100/mt) ex-works. Moreover, some offers to the projects were reportedly made at the price below $540/mt (EGP 10,000/mt) ex-works, but it is considered as a rather uncommon situation.
As a result, the rebar pricing in Egypt has substantially weakened since earlier this month. According to some sources, while the demand is low, the high stock levels along with some challenges with the cash flow are among the key reasons for the mills being aggressive.
$1 = EGP 18.5