Due to the political turmoil in North
Africa and the
Middle East, flat steel demand in the region has slowed down, impacting transaction volumes. While local flat steel producers have increased their prices, it is yet to be seen to what extent the higher prices will be accepted in the market.
In the
UAE market, import hot rolled coil (
HRC) offers are currently standing at $800-820/mt FOB.
On the other hand, SteelOrbis has learned that Libyan steel mill Libyan Iron and Steel Co. (LISCO) is offering March production
HRC to the export markets at the price level of $765/mt FOB.
Due to the political uncertainty in
Egypt, no new flat steel export offers have been heard from the country, while previously concluded flat steel cargoes en route to
Egypt are reported to have been diverted by traders to alternative destinations.
Meanwhile,
HRC offers from Russia to
Tunisia stand at $855/mt CFR, while Algerian
HRC and
CRC offers to
Tunisia stand at $850/mt CFR and $990/mt CFR respectively.