Rebar prices move up in Egyptian domestic market

With weakening of the Egyptian pound against the US dollar, Egyptian steelmakers have found a support to revise their rebar prices upwards as compared to March. Accordingly, EZZ Steel has increased its rebar prices by EGP 90/mt ($13/mt) to EGP 5,050/mt ($742/mt) ex-works, while Beshay Steel's rebar offers can be found at EGP 5,120/mt ($752/mt) ex-works, moving up by EGP 170/mt ($25/mt). In addition Suez Steel has raised its offers by EGP 150/mt ($22/mt) to EGP 5,100/mt ($749/mt) ex-works.
 
Egyptian buyers have been showing little interest to import offers due to the 6.8 percent import duty on rebar and wire rod and the strengthening of the dollar, while they supply in their needs from the domestic market. In the meantime, Turkish rebar offers are standing at $605-610/mt FOB.
 
$1 = EGP 6.81