Steelmakers in the Egyptian domestic market have announced their May production rebar prices. Egyptian mills have kept their rebar prices unchanged as compared to April output rebar prices, while demand has remained on the poor side. Egypt's EZZ Steel has kept its rebar prices at EGP 5,050/mt ($728/mt), Beshay Steel's rebar offers are still at EGP 5,120/mt ($738/mt), while Suez Steel's quotations stand at EGP 5,100/mt ($735/mt) - all prices are on ex-works basis and include eight percent VAT.
In the meantime, due to significant fluctuations in currency, Egyptian producers may revise their offers on weekly basis according to the market trend. The current exchange rate of the US dollar against the Egyptian pound is around 6.97-7 in the free market.
Turkish rebar offers to Egypt, on the other hand, are ranging at $580-585/mt FOB, though local market players state that these offers will not attract interest until prices drop to $570/mt CFR.
$1 = EGP 6.94