Egyptian billet import prices rise on bookings from Turkeymaresos.com
Prices for imported billet in Egypt pushed up over the past week, as several bookings of Turkish material were heard in the market.
Two cargoes of Turkish billet, of about 20,000 tonnes each, with the estimated cost of freight at $11-12 per tonne, this would equate to $416-419 per tonne cfr.
Meanwhile, recent bookings of CIS-origin billet in Egypt were heard done at around $416 per tonne cfr last week.
Egyptian billet imports was $416-419 per tonne cfr on Thursday June 15, compared with $410-416 per tonne cfr previously.
Turkish suppliers resumed billet exports despite depressed sentiment in the export market due to Ramadan and pressure from trade restrictions in the global market.
Early last week, Egypt imposed anti-dumping duties on rebar imported from three countries, including Turkey. Market participants said this would lead to higher billet import volumes in the country.
Nevertheless, the need in import semi-finished material cannot be completely fulfilled at the moment, according to market sources, as some companies still face problems with getting foreign currency and opening letters of credit.
Meanwhile, domestic rebar prices in Egypt remained unchanged at E£9,700-9,900 ($536-547) per tonne ex-works, including 13% VAT.
Mills were offering material at the upper end of the range, although the workable level was said to be closer to E£9,700 ($536) per tonne ex-works.
Demand is currently limited due to Ramadan. However, within two weeks market participants forecast expect demand to increase by around 30%.