Arab Steel reported that 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 tonne 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.
However, it seems that local mills I n UAE have taken the lead with Emirates Steel announcing ex works price hike of rebar by AED 100 per tonne to reach AED 2350 per tonne ex works. Following suit, other mills also revised prices in the range of AED 50 per tonne to AED 100 per tonne.
On the hindsight, local re rollers are facing the peril of closure since billet and rebar prices are almost at par in the range of USD 600 per tonne to USD 610 per tonne CFR Dubai.