Demand for long products in Egypt remains subdued, although the official domestic prices for June production has been kept unchanged. Sources report that, since Egypt was “late to show the negative impact of Covid-19”, consumption is taking long to recover, unlike in other countries.
Egypt’s largest longs producer Ezz Steel has rolled over its official longs prices for June production. The supplier’s rebar is available at $553/mt (EGP 10,214/mt), while its wire rod is on offer at $533/mt (EGP 9,830/mt), both on ex-works basis. According to sources, business activity in the domestic market of Egypt has failed to recover, although it is expected to be somewhat better than in the previous month. As a result, the market is expected to see its workable level as trade starts. “Announced prices are the same, but nobody knows about effective prices,” a source told SteelOrbis.
In the export segment, Ezz Steel is offering wire rod at $460/mt FOB to Saudi Arabia specifically, but may increase the price following better demand in the sales outlet and due to strong raw material prices, SteelOrbis understands.
Prices in EGP include 14 percent VAT, while offers in US dollars do not.
$1 = EGP 16.19