Ahmed Al-Zaini, head of the Building Materials Division at the Cairo Chamber of Commerce, expected that rebar prices in the local market in Egypt will remain stable until the end of this month, despite the recent rise of scrap on global stock exchanges.

Al-Zaini attributed his expectations to that the steel market suffers from a significant recession in the movement of buying and selling, in addition to the presence of a large stock in the warehouses of the factories, so the factories will not move prices in the markets.

Al-Zaini added that the movement in the price of scrap on the global stock exchanges cannot be said of a significant increase, compared to the price of a ton in last January.

Al-Zaini stated that the price of scrap recorded in the last January, $485 / ton, and this increase was the largest rise of scrap, which led to the rise in steel prices in the local market.

According to Al-Zaini, the price of scrap in global stock exchanges has increased during the past days, ranging between $410 and $415, compared to $395 at the beginning of February.

The price of rebar currently on the delivery of the factory land ranges between 12,400 pounds and 12,665 pounds, while the price of rebar in the markets ranges between 12,600 and 13,400 pounds per ton, according to Al-Zaini.

Egypt produces about 7.9 million tons of rebar and about 4.5 million tons of billet, while it imports 3.5 million tons of billet, according to the Chamber of Mineral Industries data.