Over the past week, demand in the local Egyptian rebar market has remained slack, while Egyptian producers’ prices have remained stable at EGP 11,800-12,200/mt ($659-681/mt) ex-works, including 14 percent of VAT. According to market sources, there are ex-Saudi Arabia rebar tonnages available at Egyptian ports which are being sold at EGP 11,700-11,800/mt ($654-659/mt) CFR. Meanwhile, Egyptian buyers are more likely to buy Saudi Arabian rebar and this situation is exerting downward pressure on domestic rebar prices in the country. In the coming period, Egyptian rebar producers are likely to decrease their prices slightly on the upper end in order to gain a price advantage.
$1 = EGP 17.91