Reportedly, Egyptian rebar producers are expected to increase their price about US$30-US$59 /ton early next month.
Recently, the currency against the US dollar shows weak trend.
Since the Egyptian steelmakers purchase the raw materials in US dollars while they sell their steel finished products on the domestic market priced in Egyptian pounds, he producers are facing losing money.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=62840&division=A4
