While the domestic demand for flats in Egypt remains modest to sufficient, therefore the pricing is set at the level of the previous weeks, the export offers have declined slightly under pressure of the international competition and low demand.
Particularly, the Egyptian mill has been targeting $520-525/mt FOB for end-of-August and September shipments of HRC, which is around $10/mt lower than earlier in July. The latest indications for Turkey have been reported at $535/mt CFR versus $525/mt CFR bids or slightly higher than that. In the previous round, around 20,000 mt were booked to Turkey at slightly above $530/mt CFR for early August shipments. Turkey itself has been officially in the market with $525-535/mt FOB for August shipments of HRC, while in reality selling at $505-515/mt FOB during the past couple of weeks. An Algerian mill, according to sources, is now at $540-545/mt FOB for September, $10/mt down over the week.
The domestic HRC price in Egypt is now at $585/mt ex-works due to stronger pound although stable in the local currency for several months now.
Import HRC offers to Egypt have been reported at $470-480/mt CFR from China for September shipments, $5/mt up over the week. Russia’s sanctioned material has been offered at $460-465/mt CFR and up to $470/mt CFR for August shipments. While there is not much interest in Egypt in imports due to ongoing safeguard investigation, the suppliers are focused on other North African markets. As a result, Russia has managed to sell large lots at $460-465/mt CFR to MENA, while Chinese offers to Tunisia and Algeria have been reported at $485-490/mt and $505-510/mt CFR, respectively.
