Demand still weak in Egyptian rebar market

In the Egyptian rebar market, where prices have been continuously decreasing for more than a month, demand is still weak. It is reported that the local market activity is almost nonexistent. As a result, it is observed that the main producers in Egypt have become engaged in a fierce price competition. According to the latest reports, local rebar prices in Egypt have consequently declined by EGP 100/mt (approx. $15-20/mt) to EGP 3,500/mt (approx. $620/mt). Apart from the existing state of the local market, it is also reported that although import billet offers given to this region are at $520-525/mt CFR Damietta, buyers are looking for offers at the lower end of this range or even below this level due to the existing state of the market. It is predicted that the Egyptian rebar market will continue to be characterized by uncertainty for another couple of weeks.