Egyptian rebar market fails to register improvement

The Egyptian rebar market is still stagnant in terms of demand. Local steelmakers are expected to announce their new price policies in the coming days. EZZ Steel will likely keep its rebar offers at EGP 5,050/mt ($723/mt) ex-works, including VAT, while Beshay Steel and Suez Steel, whose current prices are ranging at EGP 5,100-5,120/mt ($731-734/mt) ex-works, including VAT, are expected to revise their offers downward.
 
Meanwhile, ex-Turkey rebar offers to Egypt are at $565/mt FOB on theoretical weight basis, though local buyers indicate that Turkish rebar offers should range at $565-570/mt CFR on actual weight basis in order to attract attention. In the meantime, trading activity between the two countries will likely gain clearer shape at the end of June amid the expiration of the Egyptian government's 6.8 percent rebar import duty which had been imposed for seven months, and the anticipated new decision to be made on the issue.
 
On the other hand, Turkish billet offers to Egypt, which are at $515-520/mt FOB, have attracted almost no interest in the region, while ex-CIS billet offers at $528/mt CFR have also failed to receive demand and buyers are waiting for these offers to decline to $520/mt CFR.
 
$1 = EGP 6.98