SteelOrbis has been informed that Ukrainian origin HRC has been offered to Egypt at the level of $410/mt C&F, indicating an increase of $20/mt as compared to three weeks ago. Meanwhile, offers given by traders for Egyptian domestic production HRC have been standing at $570/mt ex-warehouse, excluding VAT, increasing by $10/mt as compared to three weeks ago.
It is seen that import offers have maintained their attractiveness in the Egyptian market. However, Egyptian producers have refrained from competing with import offers and thereby harming the market, especially as they are well positioned in terms of deals concluded with end-users in the market and have turned their attention to exports.
Also, it is heard that inventories in Egypt are at quite high levels, just as in other markets. Decreases seen in the production volumes of end-users and above all the unease in the financial markets have been placing pressure on the cash flows of steel producers and traders.