Political upheaval hits Eygptian rebar market once again

Egyptian long steel producers EZZ Steel and Beshay Steel have kept their domestic rebar prices unchanged for July production as compared to their prices for June, with their prices still at EGP 4,950/mt ($705/mt) ex-works, including eight percent VAT.
 
The renewed political upheaval in Egypt is having a negative effect on the Egyptian steel market as well as on oil prices in the region, and has also contributed to the uncertainty surrounding the fate of Egypt's 6.8 percent import duty on rebar and wire rod, though the official validity period for this duty has already expired.
 
On the other hand, Turkish steel mills state that they are waiting for the tension in Egypt to subside before heading to the country for new rebar exports, adding that currently they are not giving any offers to the country.
 
$1 = 7.02 EGP