After EZZ Steel, other Egyptian mills reduce rebar offers as well

After Egyptian steel mill EZZ Steel reduced its rebar prices for October towards the end of last week, other local steel producers, such as Beshay Steel and Suez Steel, have also announced price decreases in their domestic rebar offers. Accordingly, Beshay Steel has reduced its rebar prices by EGP 200/mt ($33/mt) as compared to September levels to EGP 4,075/mt ($699/mt) ex-works, including eight percent VAT, while Suez has reduced its rebar offers by EGP 250/mt ($41/mt) as compared to last month to EGP 4,000/mt ($657/mt) ex-works, including eight percent VAT.
                                         
In the meantime, silence prevails in the overall Egyptian market, while local buyers indicate that rebar import offers to the country should be at around $580/mt CIF in order to attract interest. However, Turkish rebar offers are not in line with this level, and so the import market seems set to remain quiet for another while.
 
$1 = EGP 6.09