During the past seven days, demand in the local Egyptian rebar market has failed to improve and is still at low levels. Meanwhile, the upward movement of import billet prices in Egypt as well as the four percent price increase Egyptian government announced for electricity has raised Egyptian rebar mills’ production costs. Although Egyptian rebar producers have kept their domestic prices stable week on week at EGP 12,300-12,800/mt ($687-715/mt) ex-works, domestic rebar prices will soon increase inevitably due to higher costs, market sources report.
$1 = EGP 17.91