Egyptian rebar producers reduced their prices on September 30 and October 9.
The reason for these falls was that Egypt’s prime minister last week announced a reduction in the cost for natural gas, to $5.50 per BTU from $7.00 per BTU. This will substantially reduce the costs of steelmaking.
Ezz Steel, Egypt’s biggest producer, was now offering rebar at E£10,900 ($668) per tonne ex-works, down from the E£11,290 per tonne ex-works announced on September 30. All rebar prices in Egypt include 14% VAT.
El Marakby Steel was...