Egyptian rebar producers reduced their domestic prices on September 30 and October 9, but have not made any further changes this week.
The reason for the earlier falls was that Egypt’s prime minister announced a reduction in the cost for natural gas, to $5.50 per BTU from $7.00 per BTU. This substantially reduces the costs of steelmaking.
Ezz Steel, Egypt’s biggest producer, was currently offering rebar at E£10,900 ($670) per tonne ex-works. All rebar prices in Egypt include 14% VAT.
El Marakby Steel was offering rebar at E£10,400, Beshay Steel at E£10,800,...