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    EGYPT BILLET, REBAR: Local rebar prices up, billet import prices weak

    شناسه : 31199 01 مهر 1399 - 14:56 منبع : متال بولتن
    The price of imported billets in Egypt has decreased with the offer price, while the price of rebar in the domestic market has increased.
    EGYPT BILLET, REBAR: Local rebar prices up, billet import prices weak
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    Imported Egypt billet prices narrowed downward in Egypt on lower offer prices over the week while local rebar prices increased, sources told Fastmarkets on Thursday September 17.

    No bookings were heard done during the week, however, because of the weak end-user demand in Egypt, sources said. The reason demand was slow is the weak construction activity after a construction ban was imposed in the country on May 25, which is due to last for six months, Egyptian sources said. The ban should be removed toward the end of October, but will continue on longer in Cairo, Giza, and Alexandria because there are no new residential buildings allowed in these cities, traders in Egypt told Fastmarkets.

    The decision to extend the ban in certain cities is to avoid random urbanization and leave space for buildings with specific purposes such as schools or hospitals etc., one Egyptian trader said citing the prime minister, Mostafa Madbouly.

    *** Billet imports

    Billet from the Commonwealth of Independent States (CIS) was offered to Egypt at $440 per tonne cfr this week, down from offers heard at $445-450 per tonne cfr last week. One buyer believed $415-420 per tonne cfr would be a workable price for imported billet, if there was demand, but no deals were heard. Fastmarkets’ weekly price assessment for steel billet, import, cfr main port Egypt was $420-440 per tonne on September 17, narrowing downward from $420-445 per tonne on September 10.

    *** Domestic rebar

    Egyptian rebar producers have been offering rebar at E£۹,۹۰۰-۱۰,۱۰۰ ($۶۲۷-۶۴۰) per tonne ex-works since Monday September 14, rising from E£۹,۳۰۰-۹,۷۵۰ ($۵۸۹-۶۱۸) per tonne ex-works including 14% VAT the price in effect since mid-August. Rebar prices increased this week on higher raw materials prices, despite weak market demand, sources said.

    Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was $297.69 per tonne on September 17, compared with $280.15 per tonne on August 28. Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw Egypt was E£۹,۹۰۰-۱۰,۱۰۰ per tonne on September 17, rising from E£۹,۳۰۰-۹,۷۵۰ per tonne on September 10.

    Reference: metal bulletin

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