Demand recovery observed in Egypt for import rebar and billet

According to market sources, Egyptian buyers have started to accelerate their purchasing activity for semi-finished and finished steel products for the post-Ramadan holiday period. In the past week, a Turkish steelmaker, located in the Iskenderun region, has concluded a rebar sale to Egypt in the price range of $555-560/mt FOB. This week's ex-Turkey rebar offers to the country vary at $560-565/mt FOB, though Egyptian buyers' price expectations are standing below this range.
 
On the other hand, import billet demand in Egypt has also increased, with an ex-CIS booking concluded in the country for 30,000 mt of billet at the price level of $492/mt FOB for shipment in late August-early September.