Egyptian buyers exert pressure on domestic rebar prices

Over the past week, demand in the local Egyptian rebar market has weakened and buyers have avoided from making new bookings, exerting downwards pressure on prices. Meanwhile, Egyptian steel producers have been unwilling to decrease their prices since their production costs have remained high as no decrease has been observed in import billet prices. As a result, prices in the local Egyptian rebar market have remained stable week on week at EGP 11,800-12,200/mt ($657-680/mt) ex-works, including fourteen percent VAT.

$1 = EGP 17.95