Turkish rebar offers gain traction in Egypt

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