Last week, Turkish steel producers had increased their
rebar offer prices to
Egypt by $10/mt, which brought their price levels to $575-585/mt FOB or $590-600/mt CIF and market sources report that in the past week some
rebar transactions from
Turkey's Iskenderun region to
Egypt have been concluded in this price range.
In
Egypt, demand for imported
rebar has started to improve in the past week, with higher Turkish
rebar offers gaining traction in the country. Besides, the
rebar price hike announced by local steel producer
Ezz Steel early this week has also provided support for higher demand for imported
rebar. As SteelOrbis previously reported,
Ezz Steel raised its domestic
rebar prices for April production by EGP 140/mt ($20/mt) as compared to its prices for March production, to EGP 4,990/mt ($715/mt) ex-works, inclusive of eight percent VAT.
$1 = EGP 6.98