Having slackened to weak levels in the previous week, demand in the local Egyptian rebar market has not improved during the past week. Market sources state that a Saudi rebar producer, which has the certificate necessary to conclude sales to Egypt, is offering rebar to Egypt at levels EGP 50-100/mt lower than domestic rebar prices, and so is concluding sales to the North African country, though deals are for small tonnages. Although the lower offer levels of the Saudi mill are exerting downward pressure on the domestic rebar quotations in Egypt, local producers have kept their price levels stable week on week against the backdrop of higher electricity costs. As a result, domestic rebar prices in Egypt are still at EGP 12,575-12,800/mt ($704-717/mt) ex-works, including 14 percent VAT. Meanwhile, demand in the local Egyptian rebar market is not expected to improve in the short term due to the summer season.
$1 = EGP 17.86