Beshay Steel corrects rebar prices downwards

Egyptian steel producer Beshay Steel has announced a reduction of EGP 10/mt ($1.70/mt) in its rebar prices for August to EGP 4,300/mt ($708/mt) ex-works, inclusive of eight percent tax. As SteelOrbis reported last week, another Egyptian steel mill EZZ Steel has kept its rebar prices unchanged for August at EGP 4,330/mt ($713/mt) ex-works.
 
It is thought that with this downward price correction Beshay Steel is aiming to become more competitive and to regain the market share it had lost, though market activity is still slack.
 
Despite the price adjustment made by Beshay Steel, domestic rebar prices in Egypt are still not sufficiently competitive to limit Turkish rebar imports to the country. It is believed that Turkish rebar sales to Egypt will revive with the first signs of a revival in the country's domestic rebar demand.
 
$1 = EGP 6.07