The North African and Middle Eastern flat steel markets, which were relatively more active in the first weeks of Ramadan, are fairly quiet at the start of September. It is thought that the flat steel markets in these regions will gain momentum after the end-of-Ramadan holiday.
Egyptian mill EZDK has this week announced its local hot rolled coil (HRC) prices, keeping price levels unchanged as compared to the past month. While this producer - which has increased its rebar prices - has not changed its hot rolled coil prices, it is heard from market sources that general galvanized product prices in the Egyptian domestic market have softened by EGP 200/mt.
SteelOrbis has heard that hot rolled coil import offers to the United Arab Emirates have been varying in the range of $630-650/mt, while demand remains quiet toward the end of the Ramadan.
Shifting focus to Iran, an Iranian flat steel producer have concluded a hot rolled coil export tender at the price level of $630/mt, indicating an increase of $30/mt as compared to the past month.
In spite of the current quietness in the Middle Eastern and North African flat steel markets, market players are looking forward to improved demand after Ramadan.