Trading activity in the local Egyptian rebar market has remained at low levels over the past week. Market sources state that Egyptian mills are unwilling to reduce their domestic rebar offers despite the weakness of demand, citing with the ongoing high levels of global scrap quotations. Egyptian rebar producers’ domestic offers are still at EGP 11,800-12,200/mt ($658-681/mt) ex-works, including fourteen percent VAT.
$1 = EGP 17.92