Egyptian rebar market may take 2-3 months to recover
Last Update: 17/03/2011 11:38:11
Although the Egyptian rebar market was giving positive signals in the aftermath of the political revolution, market sources now report a slight slowdown because of depressed market sentiment. People are concerned that, after the reopening of the stock exchange on 28 March, foreign investors will rush to sell Egyptian stocks, and this might further depress steel demand. Current capacity utilisation levels of the producers are reported to be in the range of 25-40%, and it might take at least 2-3 months for these production levels to return to normal. Mohamed Sayyed Hanafi, general manager of Egypt’s Chamber of Metallurgical Industries, that now construction projects are all stopped in the country and no new projects are starting either, so rebar demand is not likely to recover before these projects are resumed.
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