It is observed that demand in the local Egyptian rebar market has remained stable since SteelOrbis’ report published on May 2 and is still weak. Meanwhile, domestic rebar prices in Egypt have moved sideways week on week at EGP 12,525-12,996/mt ($705-731/mt) ex-works.
Market sources state that ex-CIS billet prices in Egypt have increased and are now are at $530-540/mt CFR. However, Egyptian producers have not passed on this rise in import billet quotations to their domestic rebar prices amid the approach of Ramadan and also due to the weakness of demand. Meanwhile, market sources do not expect a revival in domestic rebar demand in the short term as Ramadan will start next week.
$1 = EGP 17.77