The ex-CIS billet deals concluded in Egypt at $555-565/mt CFR over the past two weeks have continued to be reflected in local Egyptian rebar prices, causing Egyptian mills to revise their domestic rebar prices upwards week on week. As a result, over the past week domestic rebar prices in Egypt have increased by EGP 325/mt on the lower end and by EGP 226/mt on the upper end to EGP 12,525-12,996/mt ($710-736/mt) ex-works, including fourteen percent VAT. Additionally, demand in the local Egyptian rebar market has remained strong during the week in question, providing support for the rising prices.
$1 = EGP 17.64