Ezz Steel, Egypt’s largest rebar producer, has finally announced its fresh offers for rebar and wire rod in the domestic market. The company has decreased its official rebar and wire rod prices by EGP 600/mt and EGP 1,000/mt compared to the previous levels to EGP 11,290/mt ex-works and EGP 10,890/mt ex-works, respectively. On US dollar basis, the offers have declined by $32/mt and $54/mt to $609/mt ex-works and $587/mt ex-works, respectively. “What is happening is that the official offers have come closer to the market selling price which was given by the mills without any official announcement,” a local source said.
Prices in Egyptian pounds include 14 percent VAT, while the offers in US dollars do not.
$1 = EGP 16.27
