Ezzsteel announced that a rise in the December deliveries by EGP 200 per tonne over those of November.

After the new rise, the average EXW rebar price reached EGP 4000 per tonne as compared to EGP 3800 per tonne and that shall make the end user price up to EGP 4150 per tonne compared to EGP 3940 per tonne in Cairo and the Nile Delta whereas the price in Upper Egypt reaches EGP 4200 per tonne tax on sales included.

An official source in Ezzsteel said that the rise is due to a global upward trend as Turkish average rebars price moves up towards USD 700 in addition to a rising demand in the local market after the slump in recent months.

It is expected that the other Egyptian rebar producers shall announce their rises, as they always wait Ezzsteel to announce such rises in view that it has 60% of the market share.

Markets are still awaiting the results of the investigations in dumping lawsuits filed by local producers against Turkish rebar that is threatening the local industry, according to company sources which filed the claim to the Ministry of Industry & Trade that accepted to investigate it in cooperation and accordance with all competent authorities.

(Sourced from Al Ahram)