Demand in the local Egyptian
rebar market is still at low levels, while Egyptian steelmakers have increased their
rebar prices due to the rise recorded in VAT from eight percent to thirteen percent.
According to market sources,
Egypt-based steelmaker EZDK Steel has increased its
rebar prices for October production by EGP 278/mt ($31/mt) as compared to its prices for September production materials to EGP 6,278/mt ($707/mt) ex-works.
Meanwhile,
Egypt-based steelmaker Beshay Steel's
rebar prices for October output have moved up by EGP 275/mt ($31/mt) month on month to EGP 6,225/mt ($701/mt) ex-works, while another producer El Marakby Steel's
rebar prices for October production have increased by EGP 260/mt (29/mt) in the same period to EGP 5,940/mt ($669/mt) ex-works. Also, Egyptian producers Solb Misr and Egyptian Steel have raised their
rebar prices for October production by EGP 300/mt ($34/mt) and EGP 250/mt ($28/mt) to EGP 6,100/mt ($687/mt) ex-works and EGP 6,000/mt ($676/mt) ex-works, respectively. Lastly, steel producer Al Ghioshy Steel based in
Egypt has increased its
rebar prices for October output by EGP 262/mt ($30/mt) month on month to EGP 5,912/mt ($666/mt) ex-works.
All prices include 13 percent VAT.
$1 = EGP 8.88