Chinese offers dominate Egyptian rebar market

The Egyptian rebar and billet markets have been experiencing sluggishness in demand for both domestic and imported products. Chinese rebar offers to the Egyptian market are at $585-600/mt CFR, while ex-Turkey rebar offers, which have shown significant decreases as compared to the previous levels, are currently standing at $625-630/mt CFR. However, only Chinese offers have been attracting interest in the market, where demand is on the weak side. Domestic production rebar offers in the local Egyptian market, on the other hand, are ranging at $655-665/mt ex-warehouse, including eight percent VAT.
 
As for import billet offers, ex-Turkey billet offers are at $580-590/mt CFR for September shipments, while ex-CIS offers are standing at $570-580/mt CFR. However, none of these offers have gained acceptance in the local Egyptian market amid low demand.