Domestic rebar trade slow in Egypt

Friday, 27 September 2019 12:21:00 (GMT+3)   |   Istanbul
       

Local rebar prices in Egypt have officially remain unchanged; however, some suppliers are reportedly providing discounts, trying to spur business activity in the stalled market.

Official domestic rebar prices in Egypt are ranging within $579-619/mt (EGP 10,750-11,500/mt) ex-works nowadays, with the higher end voiced by large producers. However, according to market sources, in actual trade the mills’ prices are down $45-55/mt (EGP 800-1,000/mt) compared to the last two months. “Demand was very low in August and it seems September is not good either,” a source mentioned. According to the market players, construction activity in the country is slow due to the lack of investment and financing.

Import billet offers to Egypt are mainly heard at $375-380/mt CFR from the CIS and Turkey, while some sales have been rumored in the market at $377/mt CFR and down to $370/mt CFR. The overall billet market in Egypt is waiting for the final court ruling on the billet safeguard duty, expected to be disclosed on October 5. The suggested scenario implies the imposition of duty of seven percent, five percent and three percent for the next three years, respectively. However, the considered rates might be different in the end, SteelOrbis understands.


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