In Egypt, local rebar mills are considering to raise their ex-works prices once again for January, after their previous price increase following announcement of the imposition of import duty. Egyptian mills are currently not facing any competition with import offers and their local rebar prices are standing at EGP 4,165-4,210/mt ($674-682/mt) ex-works.
In the Egyptian domestic market, traders' retail rebar prices are settled at EGP 4,300/mt ($696/mt) ex-warehouse for EZZ Steel products, under the influence of low demand and the political upheavel in Egypt. With the depreciation of the Egyptian pound against the US dollar, it is becoming more difficult for traders to increase their prices in local currency basis.
$1 = EGP 6.176