Business activity in Egypt’s hot rolled coil (HRC) import market has been moderate recently with a couple of cargoes booked. In particular, a medium-sized lot was sold from Turkey at around $420-425/mt CFR, down by about $5/mt from offers last week. In addition, according to market sources, a similar price level was seen in a transaction from the EU at the end of October.
Offers from Russia for December production HRC have increased as expected to $420/mt CFR, from the earlier discussed $405-410/mt CFR for November shipments. A Ukrainian producer is expected to offer around $400/mt CFR for small coils and up to $410-415/mt CFR for big coil, both for December shipments.
The targeted export prices of local producer Ezz Steel remains at $420/mt FOB for December production and above, for EU customers specifically. In the meantime, the domestic prices of the producer have declined by around $20/mt (EGP 350/mt) as compared to last month to $530/mt (EGP 9,747/mt) ex-works, SteelOrbis has learned.
Prices in EGP include 14 percent VAT, prices in the US dollar do not.
$1 = EGP 16.14
