Rebar demand remains at low levels in Egypt

Due to political instability, demand for rebar has remained quite low in the Egyptian long steel market. As a result, local buyers are cautious as regards concluding new transactions and they prefer to maintain a wait-and-see stance during the current period.
 
Meanwhile, just like the previous week, no rebar export offers have been heard from any offshore sources to the Egyptian rebar market at the start of this week. On the other hand, Egyptian buyers are not in a rush to conclude any transactions for the time being. However, local market players believe that Turkish rebar export offers at $660-670/mt FOB are too high for Egyptian buyers.