Weak demand in Egyptian rebar market

According to market sources, rebar prices in the local Egyptian market have declined by EGP 315/mt ($41/mt) during the past month to the range of EGP 4,350-4,400/mt ($570-577/mt) ex-warehouse, including eight percent VAT. Market sources state that it is harvest time for wheat in Egypt and so most workers prefer to work in the fields instead of on construction sites. As a result, construction activity in the country has slowed down, while demand for rebar has declined accordingly and is currently weak.
 
On the other hand, Chinese rebar offers to Egypt have remained unchanged over the past month in the range of $410-420/mt CFR.
 
$1 = EGP 7.63