Having been weak for some time now, demand in the local Egyptian rebar market has also remained at low levels during the past week. Market sources state that buyers have found domestic rebar prices to be on the high side since the sharp price rises recorded in the second half of March and are still concluding purchases only in line with their needs.
Over the past week, domestic rebar prices in Egypt have remained stable at EGP 12,525-12,996/mt ($709-735/mt) ex-works. On the other hand, as a result of the sharp decline recorded in global billet prices from mid-March up to the beginning of April, production costs of some Egyptian rebar producers have fallen and so they may reduce their domestic rebar quotations in the coming period in order to stimulate their sales.
$1 = EGP 17.67