Demand in the local Egyptian rebar market has remained at low levels over the past week, while buyers have been exerting downward pressure on prices. On the other hand, due to the increases seen in scrap prices, Egyptian mills are unwilling to reduce their domestic rebar prices. As a result, Egyptian steelmakers have kept their domestic rebar prices unchanged during the past week at EGP 11,800-12,200/mt ($658-680/mt) ex-works, including 14 percent VAT.
$1 = EGP 17.93