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Egyptian rebar prices are set to rise in October, with local media and market sources reporting that Ezz Steel and other major producers plan to increase domestic prices from October 1, following several months of broadly stable prices as mills seek to offset higher production costs.
Ezz Steel is expected to raise its rebar price by around EGP 1,000 (USD 19) per ton to EGP 40,850 (USD 795) per ton EXW, including 14pct VAT. Its wire rod price is around EGP 38,000 (USD 739) per ton. Rebar from other producers is currently available in the range of around EGP 36,500-40,200 (USD 710-782) per ton EXW, including VAT.
The Egyptian currency has remained volatile, while scrap and billet prices have increased globally and freight costs have risen amid regional shipping disruptions. Market participants, however, continue to report weak demand, with high rebar inventories at stockists limiting buying activity.
In the export market, Egyptian rebar offers are in the range of USD 610-620 per ton FOB, while wire rod offers are heard at around USD 625-635 per ton FOB, up around USD 10 per ton from offers heard last week.
1 USD / 51.4 EGP