While no recovery in domestic rebar demand in Egypt has been observed over the past week, problems regarding cash flow are still seen in the local Egyptian rebar market. On the other hand, despite higher inventory levels resulting from the weakness of demand, Egyptian producers are trying to keep their domestic rebar offers stable.
Some small-scale mills’ domestic rebar offers were at EGP 11,400/mt ex-works last week, while their offers are at EGP 11,200/mt ($647/mt) ex-works in the current week. It is observed that the overall price range in the local Egyptian rebar market is currently at EGP 11,200-11,600/mt ($647-670/mt) ex-works.
Meanwhile, SteelOrbis has been informed that the lower end of Egyptian traders’ domestic rebar offers is at EGP 10,800 ($624/mt) ex-warehouse.
$1 = EGP 17.32