Last Update: 14/09/2010 11:24:43 ArabSteel – The local rebar mills anticipate a move towards buying locally-produced rebar, especially after the rise of Turkish products in the Egyptian market as the rebar imported from Turkey reached EGP 4100 per ton compared to EGP 3400 during the recent couple of days. Meanwhile, the locally-produced rebar is near EGP 4000 after the rise announced recently by the local mills in Egypt of about EGP 350. According to the head of Building Materials Section within the Cairo Chamber of Commerce, the Turkish rebar import rates declined by 50% as a result of the slump in the market during the past period. However, it seems that local mills have taken the lead with Emirates Steel announcing ex-works price hike of rebar by AED 100 per ton to reach AED 2350 per ton ex-works. Following suit, other mills also revised prices in the range of AED 50-100 per ton. On the hindsight, according to SteelOrbis, local re-rollers are facing the peril of closure since billet and rebar prices are almost at par in the range of USD 600-610 per ton CFR Dubai. Plate is being offered at USD 730 per ton CFR Dubai from Ukrainian sources with bookings likely to take place as stock levels are low. Indian mills are trying to step into the shoes of Mobarakeh Steel which has been virtually absent after the threat of sanctions with HRC offers at USD 660 per ton CFR Dubai. It is expected that transactions might take place by this weekend at USD 10 per ton less according to SteelOrbis.
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