Other Elements and Materials

April was the Best Month for Egypt’s Rebar Market in H1 2018

April was the Best Month for Egypt’s Rebar Market in H1 2018
Mining News Pro - According to the latest Central Bank of Egypt (CBE) data, April was the most favourable month for the country’s rebar market in the first half of 2018 as its domestic sales surged 21% Y-o-Y basis during the month to 633,300 tonnes.
  Zoom:

In terms of prices, the average rebar rates in April surged by 33% y-o-y basis to EGP 12,180/MT (USD 682/MT), also beating the price surge reported in the month of Mar’18.
However, post-April the country’s rebar prices have remained unchanged till date. Egypt’s major rebar producer, Ezz Steel, is offering rebar at EGP 12,528 per tonne (USD 700/MT) ex-works while another key domestic producer, Beshay Steel, is offering rebar at EGP 12,525 per tonne (USD 699.7/MT).

Suez Steel and El Garhy are offering the same at EGP 12,475/MT (USD 697/MT) and EGP 12,450 (USD 696/MT), ex-works basis. El Marakby’s rebar offers were last heard at EGP 12,500/MT (USD 698/MT), ex-works. All the domestic prices include VAT of 14%.

In first four months of 2018 from Jan to April, country’s rebar production increased by 40% to 2.76 MnT against the corresponding period of last year while its crude steel output rose by 15.8% to 2.53 MnT during the same period. This indicates that Egypt has to import its billet requirement despite recent crude steelmaking capacity additions. Egyptian rebar sales in January-April soared by 33% y-o-y basis to 2.56 MnT.

The current demand for rebar in Egypt is quite tepid and will continue to remain unchanged till August end due to upcoming Eid al Adha and Hajj religious celebrations that will continue till 24 August 2018.

Despite slow demand, the rebar prices in Egypt are not falling and are trending at a constant level due to the absence of cheap imports in the market. Egypt has imposed anti-dumping duties for five years on imports of rebar and wire rod from China, Turkey and Ukraine in December 2017. However, there is anticipation that in future the Egyptian rebar mills may face competition from rebar imports from Saudi Arabia as Saudi Iron & Steel Company (Hadeed) and Rajhi Steel both have recently secured approval to supply rebar to Egypt.

 

 


   Short Link:  
Related News
Esfahan Mobarakeh Steel co.
HOSCO
khuzestan steel
chadormalu Co.
ghadir neiriz co
IranAluminaJaajarm
sangan steel
ahan o fulad golgohar