Egypt’s long steel market leader Ezz Steel has announced its new domestic offers for longs as of November 11.
The producer increased its rebar offer by $10/mt (EGP 200/mt) as compared to the most recent deal price level, to $562/mt (EGP 10,370/mt) ex-works. Other suppliers are taking their time to disclose new offers. For now, only Misr Steel has increased its rebar price by $26/mt (EGP 500/mt) to $542/mt (EGP 10,000/mt) ex-works. According to sources, the key reason for the price increase in the rebar sector is that the mills were selling under their costs for a while and now the slight increase in buying activity allows them to increase offers slightly. In addition, the positive sentiment in Turkey’s import scrap segment supports the uptrend.
In the wire rod segment, Ezz Steel is offering the product at $539/mt (EGP 9,940/mt) ex-works, while Suez Steel is offering at $542/mt (EGP 10,000/mt) ex-works.
Prices in Egyptian pound include 14 percent VAT, US dollar prices exclude VAT.
$1 = EGP 16.18.