Hot rolled coil importers in Egypt have been receiving a number of offers this week. However, their bids have been rather low, especially from the re-rollers’ side. Accordingly, business activity has been minimal.
Import offers from Russia have been reported at $370-375/mt CFR for big coils for June production, while ex-Ukraine HRC has been on offer at $375-380/mt CFR, SteelOrbis has learned. Turkish mills have been trying to achieve around $400-405/mt CFR and above. In the meantime Asian suppliers have been offering at highest levels of $415-420/mt CFR, not being under pressure to sell.
Egypt’s price idea for import HRC is mainly around $360/mt CFR and below. However, market players doubt these levels will be achieved, partly as above $370/mt CFR has already been achieved ex-CIS in North Africa, as SteelOrbis reported earlier. In addition, scrap prices in Turkey are trending up, thus supporting finished steel segments.
