SteelOrbis has been informed that demand in the local Egyptian rebar market has failed to improve over the past week and is still at low levels. According to market sources, the weakness of demand has prevented any potential price increases in the market.
While domestic rebar prices in Egypt have followed a stable trend week on week at EGP 11,800-12,200/mt ($658-680/mt) ex-works, including fourteen percent VAT, Egyptian buyers are exerting pressure on import billet offers at $480-485/mt CFR given the weakness of domestic long steel demand.
$1 = EGP 17.94