Egypt's Ezz Steel Increases Rebar Price by $15/t

The largest Egyptian rebar producer, Ezz Steel, increased its offer price by EGP 260 ($15) per tonne to EGP 12,230 ($694) per tonne, including VAT of 14%, w.e.f 8th March, sources told SteelMint. Ezz has also increased its HRC prices by EGP 572/t ($32.5) from EGP 12,310 per tonne to EGP 12,882 per tonne.

Earlier this week, other Egyptian re-bar manufacturers have raised their prices in the similar range, citing rising raw material prices and improved demand from global market.

Notably billet export offers from CIS region have increased to $530-535/t FOB Black Sea, which is hovering at 5 yrs high.

Beshay Steel has further increased its prices by EGP 226 per tonne with effective offers at EGP 12,426/t. Beshay Steel had earlier increased its rebar prices by EGP 230/MT ($13/t).

Another steel major Egyptian Steel had also increased its rebar prices by EGP 200/MT ($11/t) and its prices are being assessed at EGP 12,150/MT ($690/t) ex-works.

While prices of rebar offered by steel producer, EL Marakby had been increased by EGP 150/MT ($9/t) and is now being offered at EGP 12,050/MT ($684/y) ex-works.

Suez Steel (Solb Misr) rebar prices have been increased to EGP 12,175/MT (USD 691/MT) ex-works.All these domestic rebar prices include VAT of 14%.

The rebar prices in Egypt are on a roll especially since second half of 2017 and both domestic and global factors are responsible for the same.