Domestic rebar prices in Egypt move sideways

Wednesday, 16 January 2019 16:46:23 (GMT+3)   |   Istanbul

It is observed that demand in the local Egyptian rebar market has failed to improve over the past week and is still at low levels. Egyptian buyers believe that the downtrend of global steel quotations will be reflected in the Egyptian market, and hence they are maintaining a wait-and-see stance as regards rebar purchases. Market sources state that high-cost billet and scrap inventories in Egypt have not been consumed yet, and so Egyptian producers are unwilling to change their domestic rebar prices. Meanwhile, SteelOrbis has been informed that domestic rebar prices in Egypt have remained stable week on week at EGP 11,600-11,900/mt ($647-664/mt) ex-works.

$1 = EGP 17.92

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