No sign of recovery in Egyptian rebar market

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.