Having been at low levels for some time now, demand in the local Egyptian rebar market has not improved over the past week. Market sources state that Egyptian rebar producers have considered reducing their domestic prices in this period but could not make any move due to their high production costs. Meanwhile, ex-CIS billet prices to Egypt have moved sideways over the past two week at $540-545/mt CFR. As a result, domestic rebar prices in Egypt have remained stable week on week at EGP 12,525-12,996/mt ($697-723/mt) ex-works.
$1 = EGP 17.97