Egypt’s Rebar Prices Correct amid Fall in Global Billet Offers

After the uninterrupted price surge over past one month, rebar prices in Egypt have corrected by USD 10/MT this week. The main reason cited by the sources being fall in global billet offers following U.S. government announcement of 25% import tariffs on steel. The majority of producers in Egypt usually source billet from CIS countries and the billet offers from the same have plunged by USD 5-10/MT this week.

Egypt’s rebar major Beshay Steel has revised its offers by EGP 196/MT (USD 11/MT) and is currently offering the same at EGP 12,800/MT (USD 725/MT), ex-works. While another steel major Suez Steel has also revised its offer by EGP 100/MT (USD 6/MT) and is offering its rebar at EGP 12,775/MT (USD 724/MT), ex-work basis.

El Marakby has corrected its rebar offers by EGP 75/MT (USD 4/MT) and is offering the same at EGP 12,675/MT (USD 718/MT), ex-works. However, Egypt’s steel giant Ezz Steel has not revised its rebar prices and is currently offering the same at EGP 12,790/MT (USD 724/MT) ex-works. All domestic prices include VAT of 14%.

“Beshay Steel had big correction in its prices as it was the highest and has increased its prices for five times whereas others rebar producers except Ezz Steel did four times price increase over past one month. Also, all the other rebar producers have cut down their prices to the level of Ezz Steel whose price was already lower as compared to others as in normal case Ezz Steel rebar prices are usually the highest”, said a local rebar manufacturer based in Egypt.

Business activity in Egypt’s rebar market has indicated some weakening over the past week as buyers are refraining from active restocking, trying to evaluate the situation in global billet and scrap segments, key raw materials for billet manufacturing.

Egypt’s rebar prices as on 29 Mar’18

Source: SteelMint
All prices include VAT of 14%