Egyptian rebar market waits for elections

In the Egyptian domestic market, rebar prices have remained unchanged as compared to last week at EGP 4,600-4,650/mt ($759-767/mt) ex-warehouse.
 
The Egyptian rebar market is still characterized by silence, with market players now waiting for the first round of the presidential elections on May 23-24. If the political climate in Egypt stabilizes after the elections, it is thought that the market may also be affected positively and that demand for imported rebar may revive on the back of increased consumption.
 
Turkish rebar offers to Egypt are standing at $665/mt CIF on actual weight basis, though no transaction is expected to be concluded before the elections.
 
$1 = EGP 6.06