It is observed that demand in the local Egyptian rebar market has remained at low levels over the past week. Due to higher global scrap quotations, import scrap prices in Egypt have also moved up, raising Egyptian rebar producers’ costs. As a result, some Egyptian mills have pushed up their domestic rebar prices closer to the upper end of the price range, though most of them have just kept their prices stable in the given week. Accordingly, domestic rebar quotations in Egypt have remained stable week on week at EGP 11,600-11,900/mt ($657-674/mt) ex-works.
$1 = EGP 17.65