During the past week, domestic rebar prices in Egypt have increased by EGP 70/mt on the lower end and by EGP 230/mt on the upper end to EGP 11,970-11,200/mt ($678-691/mt) ex-works.
Market sources state that the rises in global scrap and billet prices have pushed up Egyptian rebar producers' production costs, and so the producers have revised their domestic rebar prices upwards. Additionally, demand in the local Egyptian rebar market, which had been at low levels for a long time, has improved somewhat against the backdrop of the warmer weather conditions and the resumption of price inquiries by buyers. This development is expected to provide support for a further upward movement in domestic rebar quotations in Egypt.
$1 = EGP 17.65