30
Jan
12:35
Currency depreciation elevates rebar further in Egypt
Local currency depreciation in the black market has compelled Egyptian mills to raise their domestic rebar quotes by nearly 13-14% on-week, a fourth hike in January.
The black market rate – widely used by market participants – exceeded EGP 72 per dollar from last week's EGP 62, while the official exchange rate stands at EGP 30.89, unchanged for weeks, notes Kallanish.
Flag carrier Ezz Steel led the price hike and was followed by other mills.…
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Anonymous
Very good overview of the weekly steel market.
Anonymous