The steel billet import price narrowed down in Egypt in the week ended on Thursday April 4, while demand remained weak and the Egypt Ministry of Trade and Industry started a safeguard investigation into billet imports, Fastmarkets heard.
Fastmarkets' weekly price assessment for steel billet imported into Egypt was $460-470 per tonne cfr on Thursday, narrowing downward from $460-480 per tonne cfr last week.CIS-origin billet was offered to the country at $470 per tonne cfr and buyers were bidding at $450-465 per tonne cfr.Demand for billet and rebar was weak because buyers want to see if prices will fall further following the investigation.Egypt's Ministry of Trade and Industry initiated a safeguard investigation into imports of semi-finished iron products or non-alloy steel and steel rebar (bars, rods and coils) for construction purposes on March 31. The...