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...