Ezz Steel, Egyptian largest steel producer and the local market leader, has increased its domestic prices for long and flat steel amid relatively lively local demand. Its export prices, however, have remained stable for now.
Currently, Ezz Steel’s rebar is available in the domestic market at EPG 42,000/mt ex-works or close to $690/mt ex-works, according to the unofficial exchange rate of $1 = EGP 53.5. As a result, the prices have increased by EGP 3,500/mt ($27/mt) over the past fortnight. The supplier’s export prices for rebar and wire rod have remained at $600/mt and $620/mt FOB, for February shipments, respectively. It is worth mentioning that Turkey’s decision to impose an import safeguard tax of $175/mt on wire rod for 200 days practically puts purchases from Egypt, which was a duty-free origin, on hold. As a result, suppliers from Egypt are expected to exert more effort in selling to other destinations such as the EU, the US and the MENA region.
In the HRC segment, Ezz Steel has set its domestic offers at EGP 43,000/mt, which is $705/mt, ex-works, according to the above exchange rate, EGP 3,500/mt ($25/mt) higher than two weeks ago.