It is observed that demand in the local Egyptian rebar market has weakened further due to the influence of Ramadan. As a result of the duty imposed on import billet and rebar in mid-April, EZZ Steel and other producers had revised their domestic rebar prices upwards, while subsequently domestic rebar quotations in Egypt have remained stable. SteelOrbis has been informed that large-scale Egyptian mills’ domestic rebar quotations are still at EGP 11,750-11,780/mt ($689-691/mt) ex-works, while medium-scale producers’ offers are standing at EGP 11,475-11,580/mt ($673-679/mt), with smaller steelmakers such as rolling mills as well as distributors offering lower levels.
Although Egyptian rolling mills continue to ask for the 25 percent duty on billet imports to be canceled, no development has been heard in relation to this issue yet.
$1 = EGP 17.06