Egypt’s local giant Ezz Steel has continued to follow the global uptrend in prices observed over the past few weeks. Higher costs in terms of rising scrap prices have caused the producer to increase its local rebar price by $56/mt (EGP 1,004/mt) since the middle of December. Currently, the product is available at $760/mt (EGP 13,654/mt) ex-works for January-February deliveries. Sources report that demand for rebar in Egypt has been rather slow taking into account the lack of the project activity and generally lower business amid Covid-19-related restrictions, SteelOrbis understands.
Prices in EGP include 14 percent VAT, while offers in US dollars do not.
$1 = EGP 15.76