Egypt’s Ezz Steel has held domestic rebar prices steady for four consecutive weeks due to low demand and slow sales.
The country’s leading producer set its May prices at E£4,600 ($759) per tonne exw on Tuesday May 1, unchanged since January, according to Metal Bulletin’s pricing archives.
Egyptian rebar consumers have been purchasing small parcels on a hand-to-mouth basis to serve their immediate needs.
Political and economic uncertainty in the country has created nervousness in the local rebar market.
Egyptian stockists, fabricators and traders have slowed down their buying activity due to sluggish demand from the construction sector.