Egyptian HRC export offers increase

Due to strong political tension in Egypt, Egyptian flat steel producer EZDK has kept its domestic hot rolled coil (HRC) prices unchanged at the level of EGP 4,620/mt ($766/mt) ex-works including 10 percent VAT reported by SteelOrbis last week.
 
Despite its unchanged domestic prices, EZDK is trying to push its HRC offer prices up higher in the export markets, as compared to previous weeks. Accordingly, EZDK is offering HRC to Europe at $700/mt FOB and to Saudi Arabia at $700-705/mt FOB, both for late May and early June rolling. However, European buyers are not showing interest in concluding bookings at this price level.