Longs markets in the North African region have experienced weakness due to slow demand and softening international prices. Egyptian rebar prices fell by 3,905 Egyptian pounds/t ($110/t) to E£31,500/t ex-works, as higher offers waned amid some improvements in the economic situation. Major Egyptian producers rolled over rebar prices, but other mills adjusted them down to fairer levels, resulting in a price range of E£30,000-33,000/t ex-works, equivalent to $852-937/t based on the official exchange rate of E£30.90:$1. Smaller mills were quoting rebar slightly lower, at E£29,400/t, while a leading Egyptian mill held rebar offers at E£32,135/t ex-works.
Payments improved since mills were allowed to sell locally in dollars and banks accepted dollars to finance imports. However, a currency shortage remained, which along with slow activity in the construction sector weighed on prices. In Algeria, mills cut offers by 2,500-4,800 dinars/t ($15-30/t) in August, with leading producers quoting 12-16mm rebar at AD104,500/t and AD103,500/t delivered, excluding 19pc value-added tax (VAT). In Tunisia, rebar prices have remained at about 3,000 Tunisian dinars/t ($819/t) ex-works, with buying activity remaining slow.
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