During the past week, demand in the local Egyptian rebar market has remained at low levels. Market sources state that the rises recorded in global scrap prices have not yet been reflected in domestic rebar prices in Egypt. On the other hand, one of the major producers in Egypt, EZZ Steel, has reduced its domestic rebar prices due to the weakness of demand and other small-to-medium and large producers have followed this lead. Accordingly, domestic rebar prices in Egypt have fallen further by EGP 50/mt on the lower end and by EGP 200/mt on the upper end week on week to EGP 11,800-12,200/mt ($657-680/mt) ex-works, including fourteen percent VAT.
$1 = EGP 17.95