In a significant turn of events, the Egyptian rebar market has witnessed a notable decrease in prices after an initial uptick earlier this week. The shift, attributed to fluctuations in foreign currency rates within the parallel market, has sparked industry-wide attention and prompted rapid adjustments from major steel manufacturers.
Here are the updated prices from the Egyptian steel market:
- Ezz Steel: EGP 49,920
- Suez Steel: EGP 49,920
- Bishay Steel: EGP 42,900
- El Marakby Steel: EGP 55,250
- Egyptian Steel: EGP 49,920
- Ashry Steel: EGP 59,000
- Garhy Steel: EGP 49,750
- Misr Steel: EGP 49,500
- El Komy Steel: EGP 48,000
- El Ola Steel: EGP 58,500
- Al Gioshy Steel: EGP 49,000
The decrease, ranging between EGP 5,250 to EGP 10,200 compared to prices earlier in the week. This unexpected downturn underscores the sensitivity of the market to external economic factors, highlighting the challenges posed by currency volatility.
*1 USD = 60.75 EGP*
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