Import and export hot rolled coil (HRC) prices have increased in Egypt amid the general upward trend in the Mediterranean region, triggered by higher scrap prices in Turkey and better demand in southern Europe.
Egypt’s key HRC supplier Ezz Steel has increased its export price for January production by around $10/mt over the week to $430/mt FOB in offers to Europe. Taking into account livelier demand in Italy due to the Ilva issue, chances to sell there are quite vivid. Sales to Saudi Arabia continue, with around 15,000 mt recently sold at $450/mt CFR base, SteelOrbis has learned.
In the import segment in Egypt, prices keep rising. Some medium-sized lots were booked from Russia at around $425/mt CFR, while the initial offers were coming at up to $430/mt CFR, $10/mt higher than a week ago. Fresh offers from Turkey have hit $450/mt CFR for January shipments. According to sources, in the past 10-20 days Turkish mills sold over 50,000 mt of HRC to Egypt within $420-430/mt CFR.
