The rapid strengthening of the US dollar against the Egyptian pound has impacted the local hot rolled coil (
HRC) market. Egyptian market players state that they have incurred financial losses due to the appreciation of the dollar, while local steelmaker
EZDK has announced a price increase for January production
HRC. Accordingly, the mill's domestic
HRC offers, which have been unchanged since October at EGP 3,850/mt ($603/mt) ex-works, have moved up by EGP 150/mt ($23/mt) to EGP 4,000/mt ($626/mt) ex-works.
On the other hand,
EZDK's latest
HRC export offers have softened by $20/mt as compared to mid-December and now stand at $580/mt FOB, for March rolling.
$1 = EGP 6.39