Having already been at weak levels, demand in the local Egyptian rebar market has declined further with Ramadan starting today, May 16. Market sources state that domestic rebar purchases in Egypt are still being concluded only in line with needs and this situation is expected to continue during Ramadan. In this context, domestic rebar prices in Egypt have moved sideways week on week at EGP 12,525-12,996/mt ($698-724/mt) ex-works.
Additionally, Egypt’s Ministry of Industry and Trade announced on Monday, May 14, that it has terminated the countervailing duty (CVD) investigation on rebar imports from Turkey and China without imposing any additional measures.
$1 = EGP 17.94