Egyptian steel demand remains weak

Egyptian steel demand remains weak

Egyptian steel demand kept weak during Ramadan. Both Egyptian traders and end users responded that dropping steel price has made some impacts in the local market, and thus steel importers have stop purchasing from overseas due to high level of inventory.

Current rebar ex-work price has fallen by US$ 150~170/ton to about US$1144~1172/ton. Meanwhile, square billet price from CIS dropped to US$ 650/ton FOB, a local importer said.