Egypt’s hot rolled coil importers are not much interested in restocking, taking into account that the offers from overseas sellers are either in line or higher than domestic prices.
Local producer Ezz Steel was expected to increase its domestic prices for HRC, but the mill has left them stable at $520-525/mt ex-works (without 14 percent VAT). According to local sources, Russia’s MMK is the closest supplier with $525/mt CFR. Severstal, another Russian seller, was offering €470/mt CFR which corresponds to $550/mt CFR ($1 = €1.17). Ukraine’s Metinvest is in the market with $545/mt CFR for big coils.
No solid offers have been heard from Turkey, but the level is estimated at $540-545/mt CFR minimum in accordance with current FOB offers. “There is no business in Egypt because there is no serious inquiry coming to any of us,” a Turkish producer told Steel Orbis.
Ex-CIS HRC is available for November production, while Turkey is mainly in the market to sell for December.