It is observed that Egyptian buyers have accelerated their rebar purchases over the past week due to their expectations of a rise in prices in the light of the increases in import scrap and billet quotations. As a result of higher production costs, Egyptian rebar producers have raised their domestic offers by EGP 250/mt week on week to EGP 11,850-12,150/mt ($673-690/mt) ex-works. Additionally, market sources expect this upward movement of the local Egyptian rebar market to go on for some time.
$1 = EGP 17.60