It is observed that Egyptian steelmakers have increased their
rebar prices due to the depreciation of the Egyptian pound against the US dollar.
According to market sources,
Egypt-based steelmaker El Marakby has increased its
rebar prices for November production by EGP 1,400/mt ($91/mt) compared to the price levels recorded two weeks ago to EGP 8,700/mt ($565/mt) ex-works.
Meanwhile,
Egypt-based steelmaker Al Ghioshy's
rebar prices for November output have moved up by EGP 200/mt ($13/mt) week on week to EGP 8,700/mt ($565/mt) ex-works.
Currently, another domestic producer Garhey Steel's
rebar prices for November production are at EGP 9,050/mt ($588/mt) ex-works, while the November production
rebar prices of Solb Misr and Egyptian Steel stand at EGP 8,850/mt ($575/mt) ex-works and EGP 8,800/mt ($571/mt) ex-works, respectively.
All prices include 13 percent VAT.
$1 = EGP 15.4