Egypt’s El Marakby Cut Downs its Domestic Rebar Prices

After the uninterrupted price surge in Egypt’s rebar prices over past one month, last week country’s rebar prices corrected by USD 10/MT. In this week we hear that Egypt’s rebar producer, El Marakby has curtailed its prices further by EGP 150/MT (USD 8/MT) and the company is offering its rebar at EGP 12,500/MT (USD 707/MT), ex-works.

While El Marakby has corrected its rebar prices, other producers like Ezz Steel, Beshay Steel and Suez Steel have kept the prices unchanged. All the three companies are offering rebar at EGP 12,790/MT (USD 727/MT), EGP 12,800/MT (USD 725/MT) and EGP 12,775/MT (USD 724/MT) respectively on ex-works basis. Prices include VAT of 14%.

According to market sources, the rebar prices in the country are falling amid weakening domestic demand and negative market sentiments. Market participants believe that rebar prices will continue to decrease further in the coming weeks.

“Although the key reason for price correction is fall in its key inputs, billet and scrap offers, the correction in rebar is much higher than the price correction in global billet prices. This can be attributed to negative sentiments in the market. Buyers want to see rebar prices below the previous level of EGP 12,000/MT and thus are postponing their buying decision”, quoted a local rebar manufacturer in Egypt.

In case of billet, CIS origin billet offers in Egypt are being heard at USD 540-545/MT, CFR basis, down by USD 10/MT against last week. The country is dependent upon imports to meet its billet requirement.

Egypt’s rebar prices as on 7 Apr’18

Source: SteelMint
All prices include VAT of 14%