Egypt’s largest longs producer Ezz Steel has revised its domestic offers upwards, partly due to increasing prices for steel scrap in the region. The producer has increased its offers by EGP 200/mt to EGP 10,100/mt ex-works for rebar and to EGP 9,830/mt ex-works for wire rod, SteelOrbis has learned. In US dollars, the prices have been set at $569/mt and $553/mt ex-works, respectively, up by $15-16/mt compared to earlier this month. However, according to sources, discounts of around $5/mt (EGP 80/mt) are still applicable in the market.
Other local producers have followed the same move. In particular, Suez Steel has announced $560/mt (EGP 9,950/mt) ex-works for rebar and $551/mt (EGP 9,780/mt) ex-works for wire rods, SteelOrbis has learned.
Prices in pounds includes 14 percent VAT, while offers in US dollars do not.
$1 = EGP 15.58
