In the North African flat steel market, Egyptian steel producer EZDK last week reduced its domestic hot rolled coil (HRC) offers by EGP 250/mt ($42/mt) to EGP 4,200/mt ($704/mt) ex-works, excluding 10 percent tax. In the meantime, continuing to adjust its HRC export offers downward in line with buyers' bids, EZDK is currently offering HRC to the export markets at $630-640/mt FOB. In mid-October, EZDK was offering HRC to the export markets at $700/mt FOB.
In Tunisia, flat steel demand has remained weak and buyers are currently postponing their purchases. Demand in the country is expected to improve in the coming weeks. Market insiders state that if Russian HRC offers to Tunisia, currently unchanged from last week at $600/mt, indicate a decline, then some transactions may be seen from Russia.