Demand for import
rebar in the Egyptian market is still strong against the backdrop of the Egyptian authorities' decision to extend the mandatory registration deadline for foreign suppliers. Currently, Turkish
rebar offers to the country are in the range of $345-355/mt CFR, while domestic prices in the Egyptian market are at EGP 4,200-4,500/mt ($536-575/mt) ex-works, including eight percent VAT.
Market sources state that Turkish producers are expected to sell approximately 140,000-150,000 mt of
rebar to
Egypt in February. However, registration of Turkish suppliers at
Egypt's General Authority of Export and Import Control is very slow and Turkish suppliers' applications have not been answered yet. If registrations are not completed by the beginning of March,
rebar export volumes from
Turkey's southern regions to
Egypt are foreseen to decline significantly.
$1 = EGP 7.83