Egyptian rebar market likely to remain quiet for a while

Market sources report that Egyptian traders' offers for rebar are still standing at the level of EGP 4,870/mt ($697/mt) delivered, including eight percent VAT, remaining stable since last week.
 
Meanwhile, rebar offers to Egypt from Turkey can be found at $585-590/mt FOB ($600-605/mt CIF) on actual weight basis. After the conclusion of plenty of rebar deals from Turkey in the range of $570-580/mt FOB over the past two weeks, demand in Egypt has slowed down. No improvement is anticipated in activity until after the Egyptian presidential elections which will take place in late May, while Egyptian buyers are expected to reject Turkish rebar offers above the level of $580/mt FOB. 
 
$1 = EGP 6.99