Domestic rebar prices in Egypt have increased for the second consecutive week, moving up by EGP 230/mt on the lower end and by EGP 570/mt on the upper end week on week to EGP 12,200-12,770/mt ($693-725/mt) ex-works, including 14 percent VAT.
Market sources state that this increase recorded in the local Egyptian rebar market over the past week is a reflection of the $15/mt rise seen in ex-CIS billet offers to Egypt in the second half of the last week. Ex-CIS billet offers to Egypt have remained stable in the range of $565-575/mt CFR since the beginning of the current week. A Russian steel mill has concluded a sale of 25,000 mt of billet to Egypt at $565/mt CFR.
Meanwhile, demand for domestic rebar in Egypt is currently strong, and so no decline in the local Egyptian rebar market is foreseen in the short term.
$1 = EGP 17.61