SteelOrbis has been informed that demand in the local Egyptian rebar market has remained at low levels over the past week. Market sources state that Egyptian buyers are still exerting downward pressure on prices, while they are concluding rebar purchases only in line with their needs. Although early predictions indicated a price fall by Egyptian steelmakers last week, steel mills have postponed their price revisions due to the rises recorded in global scrap quotations. Egyptian producers have kept their domestic offers stable for the third consecutive week at EGP 11,800-12,200/mt ($659-682/mt) ex-works, including fourteen percent VAT.
$1 = EGP 17.90