Following the presidential elections in
Egypt, the country's steel market has not yet witnessed the expected revival and
rebar demand in the country is still fairly low. Egyptian
rebar producer EZZ Steel's
rebar price cut of EGP 120/mt ($20/mt) for July, announced on Sunday, June 1, also reflects the weakness of domestic
rebar demand. Other Egyptian
rebar producers, including Beshay Steel and Al Attal National Steel, have also reduced their
rebar prices for July by the same margin.
The downward price adjustments of Egyptian mills and low demand have both worsened the situation as regards
Egypt's
rebar imports. Latest
rebar offers from
Turkey to
Egypt are standing at $625-630/mt CIF, while Egyptian market players state that import
rebar prices above $620/mt CIF have no chance of gaining acceptance in the market.