Major Egyptian steel producer Ezz Steel has finally announced an increase in its domestic longs and flats prices, following the increases seen in production and logistical costs.
The new rebar price from the producer has settled at EGP 39,850/mt ($672/mt) ex-works, up by EGP 2,650/mt ($45/mt) from the previous levels. Other producers’ prices for rebar in Egypt are now in the range of EGP 39,200-39,350/mt ($660-664/mt) ex-works, but may be corrected soon. According to sources, domestic demand for longs in Egypt has lacked strength from the end-user side, but has been quite active in terms of traders’ building up stocks amid expectations of price increases, which have not yet materialized.
In the HRC segment, Ezz Steel’s local price has been announced at EGP 39,000/mt ($658/mt) ex-works, up from EGP 35,000/mt ($590/mt) ex-works previously.
Local billet prices in Egypt are now reported at EGP 34,000-34,200/mt ($574-577/mt) ex-works, leaving no room for import material, which is indicatively available at $515-525/mt CFR depending on the origin.
Prices in EGP include 14 percent VAT.
$1 = EGP 52
