Friday 18 Oct
The local market is anticipating a potential increase in rebar prices of up to 10% at the beginning of next week's trading. This expectation is primarily due to the significant rise in raw material prices on the Shanghai Stock Exchange, which has exceeded 10%.
Following the announcement of
these price increases, many Gulf factories have indicated their plans to raise
the prices of their finished rebar products by between 8 and 10%.
The recent surge in raw material
costs can be attributed to three major Chinese cities easing restrictions on
home purchases. This development has bolstered expectations for increased
demand in the world's largest consumer of steelmaking components.
Several local traders and
producers expect that rebar prices could rise by up to 10% in the upcoming
Sunday's trading, as some factories have stopped production and sales until
prices stabilize.
It's worth noting that rebar
prices have witnessed a noticeable stability over the past two months,
averaging around 38,000 Egyptian pounds per ton ex-factory, amid a significant
decline in demand rates.
