Minister of Trade and Industry Rashid Mohamed Rashid said the ministry would study the decisions organizing the market of building materials and the possibility of announcing the maximum sale price of the imported rebar in light of the current competition, which has achieved positive results serving the consumer. In a swift reaction to Ezz Steel and other plants reducing prices to LE3400 a ton, the Turkish plants cut prices by $60 (LE335), thus cutting the ton price from $530 to $470 (LE2700).
A number of Turkish sales and marketing managers traveled to Cairo during the last two days to conclude new contracts to export new consignments of rebar to Egypt after two weeks of suspension. The rebar market is stable and there is a growing demand for Ezz and the imported rebar thanks to their low prices. Representatives of seven Turkish rebar plants came to Cairo during the last period to market the Turkish rebar. They offered to export rebar for $480 a ton, Hamdi al-Saftawi, rebar trader said. Thirty-one thousand tons of rebar will arrive in Damietta Port tomorrow for Al-Haramain Steel Co, owned by Gamal al-Garhy. Another 10,000 tons of rebar were released yesterday for the same company, which started to sell it for LE3300 a ton.
