Demand for imported steel billet and domestic steel reinforcing bar (rebar) in Egypt remained weak in the seven days to Thursday May 14, with billet import prices increasing because of high offers, sources told Fastmarkets.
No improvement in demand was anticipated soon due to the Islamic holy month of Ramadan and the Covid-19 pandemic.In addition, the governor of Egypt's capital city, Cairo, has canceled all new building licenses until further notice, halting construction activity in the city and significantly reducing rebar consumption.
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