Foreign hot rolled coil (HRC) offers to Egypt have indicated a sizeable downturn over the past two weeks, following the general weakening of the segment in the Mediterranean region. Bids from key buyers, however, are reported at even lower levels.
India’s HRC has been on offer at $480/mt CFR and $490/mt CFR for September shipments from two different suppliers, SteelOrbis has learned. Before the holiday the prices were at $500/mt CFR, buyers say. In addition, China’s HRC has been available this week from traders at $490/mt CFR. HRC export prices from Turkey have decreased by at least $10/mt over the past two weeks. Offer levels for Egypt are estimated at around $490-500/mt CFR depending on the supplying region. The material is currently available for October shipments. No fresh deals in the import segment have been heard. According to the market sources, bids for HRC of various origins vary within $450-470/mt CFR, SteelOrbis has learned.
HRC export offers from Egyptian domestic producer Ezz Steel for October production have been reported at $520/mt CFR base to Saudi Arabia and at around $525/mt CFR to Turkey. Both levels correspond to around $505/mt FOB base, while the same prices are being discussed with EU buyers. However, according to the market sources, ex-Egypt HRC prices are not workable in the key consuming destinations, though some sales to the Middle East are possible. However, some players are hopeful that the recent €30/mt rise in ArcelorMittal’s prices in the EU may support the import business as well.