It is observed that demand in the local Egyptian rebar market has remained at low levels during the past week. Market sources state that buyers in the market are exerting downward pressure on domestic rebar prices due to lower import scrap quotations. On the other hand, rises made in electricity and natural gas prices have increased production costs of mills, and so Egyptian rebar producers have kept their domestic offers stable week on week. Accordingly, domestic rebar prices in Egypt are still at EGP 12,250-12,520/mt ($683-698/mt) ex-works, including 14 percent VAT. SteelOrbis has also been informed that buyers in the local Egyptian rebar market are not planning to restock before the Feast of Sacrifice holiday, which will last a full week starting from August 20.
$1 = EGP 17.93