Egyptian rebar buyers prefer to purchase from local traders

Rebar demand in the Egyptian domestic market is currently sluggish. Nevertheless, with the revival of the rebar markets following the New Year holiday, rebar demand in Egypt is expected to indicate an improvement.
 
Currently, Turkish mills' rebar offers to the Egyptian market are standing at $695/mt CFR for prompt shipments. Egyptian buyers, however, are not making any purchases at this price level for now, finding the price to be on the high side, and so they prefer to work with local traders who have lower prices.
 
As SteelOrbis previously reported, last week Egypt's largest rebar producer EZZ Steel had increased its domestic rebar price by EGP 100/mt ($17/mt) for January to the level of EGP 4,600/mt ($762/mt) ex-works. The price in question is on actual weight basis and includes eight percent sales tax.