Having declined to low levels in the last week of March, demand in the local Egyptian rebar market has failed to improve over the past seven days. It is observed that Egyptian buyers consider domestic rebar prices to be on the high side and so they are exerting pressure on prices by postponing their restocking activities.
On the other hand, Egyptian rebar mills are unwilling to reduce their domestic offers as they are currently producing material for orders received previously. As a result, domestic rebar quotations in Egypt have remained stable week on week in the range of EGP 12,525-12,996/mt ($708-734/mt) ex-works.
$1 = EGP 17.70