Egyptian rebar mills reduce their domestic quotations

With buying activities remaining stagnant for a long time in the Egyptian domestic market, local producers' rebar offers to the domestic market had trended sideways. Local mills were expected to give lower rebar offers for June, but local steel producer EZZ Steel's price cut for rebar of EGP 150/mt ($25/mt) came as a surprise to the market. Thus, EZZ Steel's rebar offers for June to the domestic market have fallen to EGP 4,450/mt ($737/mt) ex-works, including eight percent VAT. Meanwhile, in the Egyptian domestic market local mill Beshay Steel has announced its June rebar prices at EGP 4,430/mt ($733/mt) ex-works, while SUEZ's rebar offers are standing at EGP 4,405/mt ($729/mt) ex-works.
 
On the other hand, the latest rebar offers from Turkey to the Egyptian domestic market were at $650-660/mt CIF. However, Egyptian buyers did not conclude any rebar transactions from Turkey in this offer range, as they considered these offers to be on the high side and as they were waiting for the local mills' June price levels. After Egyptian mills announced their new rebar quotations, no new rebar import offers have been heard so far. In addition, buyers in Egypt state that, in order to conclude deals in the import market, offers should at least be in the range of $635-640/mt CIF.
 
$1 = EGP 6.04