Rebar price in local Egyptian market

The rebar price level fixed by the Egyptian government is at EGP 3,047-3,095/mt ($534-543/mt) ex-works on actual weight basis, excluding VAT. The government has announced different rebar prices for rolling mills and producers in order to control increasing prices. The fact that billet offers from CIS are at $570/mt CFR makes most rolling mills' sales impossible at these fixed prices. Therefore, most of the rolling mills are not able to supply to the market. The mills that produce rebar from scrap, are experiencing difficulty because of soaring international scrap prices. It is even heard that some producers are not running at full capacity since they have insufficient scrap stocks.