Despite its upward price revision made at the beginning of May, Egyptian producer EZZ Steel once again increased it domestic rebar prices by EGP 110/mt on Friday, May 17, from its previous levels of EGP 11,780/mt to EGP 11,890/mt (702/mt), all ex-works and including 14 percent VAT.
Other major Egyptian mills’ domestic rebar prices are currently at EGP 11,780/mt ($695/mt) ex-works, including 14 percent VAT, while demand in the local Egyptian rebar market has failed to improve particularly due to Ramadan. This upward revision made by EZZ Steel in its list prices has mostly been interpreted as a reflection of higher scrap quotations in domestic rebar prices, while Egyptian mills continue to offer discounts as they do not wish to miss sales opportunities amid the current weak demand conditions. In this context, SteelOrbis has been informed that EZZ Steel’s hike in its domestic rebar prices has not reflected in actual market prices.
$1 = EGP 16.95