Egyptian steel manufacturer Al-Gioshy Steel has published a new price list for its factory-delivered rebar products. The price of B500 DWR grade rebar dropped from EGP 35,500 (USD 740) last month to EGP 35,000 (USD 730) this month. B400 grade rebar, previously sold for EGP 34,500 (USD 715) in April, has been reduced to EGP 32,000 (USD 670) in May. These prices include the 14% Value Added Tax (VAT).
The company stated that one of the main reasons behind the decline is the drop in production costs of locally manufactured billet. Meanwhile, global billet prices have remained stable at around USD 480 per ton. In Egypt, billet prices are approximately EGP 29,000 (USD 605) per ton after adding taxes and duties.
The company also pointed out that the price drop is linked to the current market slowdown and the reduced pace of real estate project execution. It emphasized that building material prices are generally shaped by construction sector activity and could change accordingly in the coming period.
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