SteelOrbis has learned from market sources that rebar offers from Egyptian traders to their local market are standing in the range of EGP 4,900-4,950/mt ($711-718/mt) for delivery to customer, including eight percent VAT. After Egyptian producers EZZ Steel and Beshay Steel announced that they were keeping their November output rebar prices stable as compared to October output prices at EGP 4,800/mt ($696/mt) ex-works, traders accelerated their purchases in order to replenish their inventories. Market players say that demand in the domestic rebar market is strong.
As regards exports, it is heard that a rebar transaction from Egypt to Jordan has been concluded at the level of $605/mt FOB. On the other hand, market sources indicate that Egyptian buyers’ interest in importing rebar remains relatively weak. Also, there are no new rebar offers from Turkey to Egypt amid the uncertainty caused by the antidumping (AD) investigation petition in Egypt against Turkish rebar and also due to ongoing political tensions.
$1 = EGP 6.892