It was observed last week that Egyptian buyers increased their domestic rebar prices due to higher electricity tariffs. During the past week, buyers in the local Egyptian rebar market have not accepted the new price levels, while instead demand in the market has weakened. Market sources state that more attractive rebar offers from Saudi producers, which have the certificate necessary to conclude sales to Egypt, are exerting pressure on the domestic rebar quotations of local steelmakers. Meanwhile, domestic rebar prices in Egypt have remained stable over the past week at EGP 12,575-12,800/mt ($703-715/mt) ex-works.
$1 = EGP 17.89