Following the recent strong political tension observed in
Egypt, producers from
Turkey and the
CIS have increased their
rebar and steel
billet offers for the Egyptian market. Accordingly, the latest Turkish
rebar offers to
Egypt are standing at $685-690/mt CFR, while steel
billet offers from the
CIS are at $625/mt CFR. While no transaction has been concluded at these price levels, Egyptian buyers state that they do not consider these price levels to be workable, giving their own price idea for
rebar at $670-675/mt CFR.
Egypt's largest
rebar producer
EZZ Steel has kept its
rebar price for March unchanged as compared to January and February at EGP 4,600/mt ($763/mt) ex-works. Egyptian buyers, who were waiting for
EZZ Steel to announce its new prices in order to begin negotiations for new import bookings, have kept their price expectations unchanged after
EZZ Steel's price announcement.
SteelOrbis has learned from market sources that Egyptian buyers are delaying their bookings for the time being, thinking that Turkish mills may reduce their
rebar export prices if their recent
rebar price hike on the back of higher Turkish domestic demand fails to find support from the export markets.