Over the past week, demand in the local Egyptian rebar market has remained slack. Egyptian buyers have continued to exert pressure on prices as they consider that producers’ downward price revision in late December has not been sufficient when the declines in import scrap prices are taken into account. However, Egyptian producers have been unwilling to reduce their prices since they still have high-priced raw materials in their inventories. As a result, prices in the local Egyptian rebar market have remained stable week on week at EGP 11,600-11,900/mt ($647-664/mt) ex-works.
$1 = EGP 17.93