Demand in the local Egyptian rebar market has remained weak, just as it was during Ramadan. After a Saudi Arabia-based steel mill obtained an import license from the Egypt authorities to conclude rebar sales to Egypt, Egyptian buyers have exerted downward pressure on domestic rebar prices. On the other hand, despite the weakness of demand, Egyptian producers are not expected to reduce their domestic rebar prices in the short term due to higher production costs resulting from the rises seen in global scrap quotations. Currently, Egyptian mills’ domestic rebar offers are at EGP 12,300-12,800/mt ($687-715/mt) ex-works, including 14 percent VAT, moving sideways week on week.
$1 = EGP 17.91