According to market sources, rebar prices in the local Egyptian market have declined by EGP 300/mt ($39/mt) during the past three weeks to the range of EGP 4,050-4,100/mt ($531-537/mt) ex-warehouse, including eight percent VAT and for July production. Egyptian traders state that construction activity in the country has slowed down due to Ramadan, while demand for rebar has declined accordingly and is currently very weak.
On the other hand, Turkish rebar offers to Egypt are currently in the range of $425-430/mt FOB, for August shipment. No new ex-Turkey rebar deal to Egypt has been heard over the past three weeks.
$1 = EGP 7.63