With the end-of-Ramadan holiday approaching, demand in the local Egyptian rebar market has remained at low levels during the past week. Market sources state that Saudi Arabia-based steel mill Sabic has applied for and obtained an import license from the Egypt authorities and is planning to conclude rebar sales to Egypt. On the other hand, Egyptian rebar producers have kept their domestic rebar prices stable week on week at EGP 12,300-12,800/mt ($688-716/mt) ex-works, for June output and including 14 percent VAT.
$1 = EGP 17.88