It is observed that trading activity in the local Egyptian rebar market has declined further over the past week. Market sources state that Egyptian buyers in the market are exerting downward pressure on domestic rebar prices. On the other hand, inventory levels of Egyptian producers are observed to be on the high side due to the long-lived weakness of demand. Although domestic rebar prices in Egypt have indicated a sideways movement week on week and are still at EGP 11,800-12,200/mt ($657-680/mt) ex-works, including fourteen percent VAT, SteelOrbis has been informed that prices are expected to fall in the short term.
$1 = EGP 17.95