While Turkish rebar producers' rebar offers to Egypt for immediate delivery were standing at the range of $680/mt CFR last week, Egyptian buyers have not shown any interest in these offers. Therefore, Turkish producers' offers, which last week indicated a drop of $10-15/mt over the previous two weeks, have declined by $15/mt this week and can now be found at the level of $665/mt CFR for immediate shipment.
It has been observed that some Egyptian buyers are still showing caution towards these offers and are not so willing to make any purchases at the moment. On the other hand, other Egyptian buyers are waiting for prices to hit bottom and they consider that rebar prices will continue to trend down for another while due to the softening of scrap prices.