According to market sources, an ex-Egypt offer for hot rolled coil (HRC) is at €405/mt CFR Italian port, with shipping by the second half of November. However, sources close to SteelOrbis believe that this price cannot work considering that domestic prices in Italy are at €410-425/mt ex-works on average. Meanwhile, in recent weeks an Italian buyer has purchased 20,000 mt of HRC from a Russian producer at a price of $398/mt CFR, duty included. About ten days ago, the same buyer purchased 30,000-40,000 of HRC from Turkey at $430/mt CFR.
€1 = $1.10