Prices increase in the local Egyptian rebar market

According to market sources, prices in the local Egyptian rebar market have increased by EGP 250/mt on average over the past month to EGP 5,200-5,250/mt ($648-654/mt) ex-warehouse, for November shipment. Market sources state that Egyptian producers had to revise their prices upwards due to the strengthening of the US dollar against Egyptian pound, despite the weak demand.