It is observed that supply volume of rebar in Egypt is very high, while domestic rebar prices have decreased slightly as a result of the ongoing sluggishness of demand. Having been at EGP 11,000-11,600/mt ex-works last week, domestic rebar prices have fallen to EGP 10,800-11,500/mt ($621-661/mt) ex-works in the current week. Meanwhile, it is noteworthy that traders in the local Egyptian rebar market are observed to be offering at the lower end of this price range, while local producers are offering at the upper end.
The main reason for the fall recorded in local Egyptian rebar prices despite the ongoing rise of scrap quotations is the slack rebar demand in the international markets.
$1 = EGP 17.40