Hot rolled coil (HRC) export prices from Egypt have decreased significantly over the past month, following the general downturn in the segment and pressure from tough competition and the lack of demand in key destinations.
The official HRC offer from Ezz Steel for November shipments is at $425/mt FOB, down $45/mt over the past month. According to the sources, around 10,000 mt were recently sold to southern Europe. However, some negotiations have also been reported at €400/mt ($440/mt) CFR Spain. In addition, the mill is in talks with Saudi Arabia at around $470/mt CFR, while previously up to 15,000 mt were sold to the destination at $480/mt CFR, SteelOrbis has learned.
In the import segment, the latest deals from Turkey were closed at $425/mt CFR in the second half of September. As of now, buyers aim to book not higher than $410/mt CFR effective, sources report.
€1 = $1.10