Fastmarkets’ weekly price assessment for steel billet imported into Egypt was $460-470 per tonne cfr on Thursday, narrowing downward from $460-480 per tonne cfr last week.
CIS-origin billet was offered to the country at $470 per tonne cfr and buyers were bidding at $450-465 per tonne cfr.
Demand for billet and rebar was weak because buyers want to see if prices will fall further following the investigation.
Egypt’s Ministry of Trade and Industry initiated a safeguard investigation into imports of semi-finished iron products or non-alloy steel and steel rebar (bars, rods and coils) for construction purposes on March 31. The...