Egyptian mills raise rebar prices after imposition of new import duty

Major steel mills in Egypt such as EZZ Steel, Beshay Steel and Suez Steel have announced their new rebar prices, which will be valid throughout December. Accordingly, EZZ Steel has increased its rebar prices by EGP 130/mt ($21/mt) as compared to the previous price levels to EGP 4,210/mt ($687/mt), while Beshay Steel's new rebar offers are standing at EPG 4,175/mt ($681/mt), indicating an increase of EGP 150/mt ($24/mt). In addition, Suez Steel has also revised its rebar offers upward by EGP 165/mt ($30/mt) to EGP 4,165/mt ($679/mt). All the prices include eight percent VAT and are on ex-works basis. 
 
The main reason behind these price increases is the Egyptian government's temporary import duty on rebar which is aimed at protecting local steelmakers.
 
$1 = EGP 6.13