Egypt’s EZDK reduces its HRC prices for October output

Egyptian steel mill EZDK has announced a reduction in its October rolling hot rolled coil (HRC) prices both for the domestic and export markets. Accordingly, the mill's domestic offers for HRC are now standing at EGP 3,850/mt ($631/mt) ex-works, indicating a decrease of EGP 250/mt ($41/mt) as compared to prices for September production.
 
Meanwhile, EZDK has not yet announced HRC offers to Saudi Arabia, while it has reduced it offers to Europe by $10-20/mt since last month to $610/mt FOB.
 
The general perception in the local Egyptian flat steel market is that EZDK's price decrease announcement will put downward pressure on domestic market prices.
 
$1 = EGP 6.099