Prices in Egypt for steel billet imports and domestically produced steel rebar increased in the week to Thursday July 30 because of higher offers, despite soft demand, sources have told Fastmarkets.
***CIS-origin billet
CIS-origin billet was offered this week at $415-425 per tonne cfr, up from offers at $405-410 per tonne cfr last week.
Traders said that it was impossible to import billet because of the low rebar prices in the domestic market and the ۱۶% safeguard duty imposed on billet imports.
On July 26, the Egyptian administrative court rejected a petition submitted by the Chamber of Metallurgical Industries to cut import tariffs imposed on rebar and billet.
In addition, there has been a ban on construction in the country since May 25, imposed initially for a period of six months.
The order does not include government-funded projects, but there are not enough of these to support local consumption.
***Eid Al-Adha religious holiday
Further, the Eid Al-Adha religious holiday will start at the end of July or the beginning of August, and buyers were not willing to book material before the holiday.
No billet deals were heard because of the weak rebar consumption.
Fastmarkets’ weekly price assessment for steel billet, import, cfr main port Egypt, was $405-415 per tonne on July 30, rising from $380-405 per tonne on July 23.
***Domestic rebar in Egypt
Egyptian rebar producers were offering rebar at E£۹,۲۰۰-۹,۷۵۰ ($۵۷۵-۶۰۹) per tonne ex-works including 14% VAT this week, rising from E£۹,۲۰۰-۹,۷۰۰ per tonne ex-works announced early in July.
***Price assessment for rebar
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw Egypt, was E£۹,۲۰۰-۹,۷۵۰ per tonne ex-works including 14% VAT on July 30, widening upward from E£۹,۲۰۰-۹,۶۸۰ per tonne ex-works on July 23.
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