Egyptian producers have kept their domestic rebar prices stable over the past week. Market sources state that demand in the local Egyptian rebar market is still at low levels.
Egyptian rebar producers state that they had been unable to increase their domestic rebar prices in the previous week when scrap and billet quotations were rising, and so they see no reason to reduce their prices now in line with the falling trend of scrap and billet quotations.
As a result, their domestic rebar prices are still at EGP 11,000-11,600/mt ($627-662/mt) ex-works, including 14 percent VAT. On the other hand, SteelOrbis has been informed that domestic rebar prices in Egypt may decrease in the coming week.
$1 = EGP 17.53