In a fundamental change in the rebar market, a large number of local manufacturers have contracted to import about 130,000 tons of rebar. Beshay Steel, the second biggest local manufacturer, National Steel, owned by Gamal Garhy, and a number of agents and distributors of Ezz Steel have joined the list of importers.
Beshay and the National Steel have contracted for 30,000 tons each. The quantity is expected to be sold for LE 3,800 a ton.
A number of senior agents and distributors of Ezz Steel contracted for 20,000 tons. In addition, Elmarakby Steel has contracted for 10,000 tons, while other companies, including Techno Egypt, owned by the head of Alexandria Chamber of Commerce Ahmed Al-Wakil, contracted for 40,000 tons.
The importation of rebar is a new phenomenon that has restored market stability, Assistant Minister of Trade and Industry for Legal Affairs Hisham Ragab said. The current policy of importing rebar is wrong and unorganized. When manufacturers themselves resort to importing, this means there is an "error", wrong pricing for local rebar, greed and desire for profits by any means, importer Khalid al-Borini said.
There is a state of anticipation among importers due to reports on local factories' intention to reduce their prices next month in order to put pressures to impose anti-dumping duties on imports. However, the head of the international conventions sector at the Ministry of Trade and Industry, Abdel Rahman Fawzy, denied any requests from affected plants to impose anti-dumping fees.
