In the Middle Eastern and North African (MENA)
flats markets, demand is slow in countries such as
Tunisia and
Morocco, while in
Egypt demand has been following a strong trend.
In the local Egyptian market, demand for hot rolled sheet and plate is stronger than for
galvanized sheet. In this market,
HRC prices are standing at EGP 4,300/mt,
CRC prices are at EGP 4,800/mt, while
galvanized (0.5 mm Z100) prices are at EGP 5,400/mt - all including VAT. EZDK and Hadisolb are due to announce their prices, but on account of the holiday on May 1 these producers will make their price announcements instead on the coming Monday.
In
Tunisia and
Morocco, due to rising import offers, buyers are worried and are not sure whether they should buy at current price levels or not. With the summer coming and with demand having slowed down in the domestic market, buyers are adopting wait-and-see policy for now. In another North
Africa country, Libya, it is reported that
flats demand is at good levels and that LISCO's
HRC export prices are above $725/mt FOB.
In the
Middle East, offer levels given to Saudi Arabia continue to increase and, even though inventory levels are not so high, the market has been quiet for the last 10 days; however, it is expected to gain momentum again in the coming weeks. It is reported that offers for 1.2 mm
HRC given from Thailand are standing at the level of $900/mt CFR. EZDK's
HRC offers to the Saudi Arabian market are standing at the range of $820-830/mt FOB, and it is heard from the market that these EZDK offer levels are negotiable.
In
Iran, Mobarakeh's export tender for its June production has been concluded and the producer has sold
HRC to Europe at $738/mt FOB. Mobarakeh is heard to have concluded 10,000 mt of
HRC sales in its export tender. Meanwhile, it is hard to say that demand in the local Iranian market is strong. It is heard from market sources that ready cargoes of 2 mm
HRC are being offered at about $640/mt CFR, duty paid.