Following strong demand lasting two weeks, it is observed that demand in the local Egyptian rebar market has declined during the past week. Market sources have stated that recent price increases recorded in the local Egyptian rebar market have failed to gain acceptance, and so the upward movement of the market has come to a halt as buyers have started to conclude deals only in line with their needs. On the other hand, Egyptian rebar producers are not considering reducing prices for their domestic market amid ongoing high production costs. As a result, domestic rebar quotations in Egypt have remained unchanged during the past week at EGP 12,525-12,996/mt ($710-737/mt) ex-works, including 14 percent VAT.
$1 = EGP 17.64