Local rebar prices in Egypt have increased over a long period of time, following the upward move made by the market leader Ezz Steel. The key reason is the higher input production costs as a result of the global uptrend in the raw materials and square billet prices. In the meantime the demand for the rebar in Egypt remains unstable for now.
Ezz Steel has increased its local rebar price for October production by $19/mt (EGP 350/mt) to $562/mt (EGP 10,000/mt) ex-works, SteelOrbis has learned. Suez Steel and Egyptian Steel are in the market with $557/mt (EGP 10,000/mt) ex-works, while El Marakby is offering $551/mt (EGP 9,900/mt) ex-works, sources report.
Sources report while the domestic demand did not witness any positive change, exports have remained decent. Currently, rebar and wire rod from Ezz Steel are on offer at $520/mt FOB for October-November production, SteelOrbis has learned.
Prices in EGP include 14 percent VAT, while offers in US dollars do not.
$1 = EGP 15.76