Latest situation in local Egyptian rebar market

According to market sources, rebar prices in the local Egyptian market are currently in the range of EGP 4,600-4,700/mt ($618-632/mt) ex-warehouse, including eight percent VAT. Prices have softened by EGP 1,000/mt ($134/mt) compared to two weeks ago amid slack demand in the local market.
 
Meanwhile, Chinese rebar offers to Egypt are in the range of $460-470/mt CFR.
 
$1 = EGP 7.44