Despite the fall seen in domestic rebar prices in Egypt, demand in the local Egyptian rebar market has not improved over the past week and has continued to be characterized by weakness. SteelOrbis has been informed that some Egyptian rebar producers have reduced their domestic prices in line with the decreases in global scrap quotations. Other Egyptian rebar mills, which have not announced any revisions in prices, are also expected to reduce their domestic rebar quotations in the coming days. After the revisions already made, domestic rebar prices in Egypt have moved down by EGP 100/mt on the lower end week on week to EGP 12,250-12,530/mt ($685-701/mt) ex-works, including fourteen percent VAT.
$1 = EGP 17.88