HRC export prices from Egypt indicated some sizeable decrease over the month, following the general downtrend in flats and raw materials segment. In addition, the demand on key consuming destinations remains slow, partly amid still tough competition with India.
As a result, Egypt’s Ezz Steel has dropped its HRC export price by around $35/mt over the month to $470/mt FOB, SteelOrbis has learned. In particular, the suppliers’ offers to Saudi Arabia are reported at $490/mt CFR Jeddah, some deals might be heard soon. In the meantime, Egypt’s chances to sell to the EU are scarce for now as Turkey and specifically India are offering more competitive prices. In particular, Turkish HRC is available at $460-470/mt FOB or minimum $480/mt CFR (November shipments) to the south EU, while Indian tags were reported at around $470-480/mt CFR (October shipments) depending on the order size.
In the import segment, the deal for around 15,000-20,000 mt was reportedly sealed with a Turkish HRC supplier at around $470/mt CFR, $10/mt down since early September. Offers from India were heard at around $460-465/mt CFR with no transactions confirmed.