SteelOrbis has been informed that demand in the local Egyptian rebar market has remained at low levels following the Feast of Sacrifice holiday. Market sources state that the declines recorded in import scrap and billet prices have only just now been reflected in Egyptian rebar producers’ prices. Accordingly, Egyptian producers have decreased their domestic rebar prices by EGP 250/mt on the lower end and by EGP 270/mt on the higher end compared to two weeks ago to EGP 12,000-12,250/mt ($669-683/mt) ex-works, including 14 percent VAT.
$1 = EGP 17.94