Egyptian mills have continued to follow the general global uptrend, also seen in the Mediterranean region specifically, and have increased their domestic rebar offers once again. The increased production costs are said to be the main reason as import scrap prices in Turkey have already hit $419/mt CFR in the latest deal for HMS I/II 80:20.
Ezz Steel has started the week with another $58/mt (EGP 1,041/mt) increase in its domestic rebar offers to $707/mt (EGP 12,650/mt) ex-works. Some other local mills in Egypt have started to offer $696-701/mt (EGP 12,450-12,550/mt) ex-works, SteelOrbis has learned.
No export offers have been heard from Egypt lately. The key exporter says it is sold out and is not in the market, for wire rod specifically.
Prices in EGP include 14 percent VAT, while offers in US dollars do not.
$1 = EGP 15.7