Import hot rolled coil (HRC) offers have significantly increased in Egypt, following the solid uptrend in Turkey, high raw material and slab costs. However, the price rise has been quite sharp, therefore buyers prefer to wait for now and to evaluate the situation.
Ex-CIS HRC offers for October shipments have increased by around $15-20/mt over the past 10 days, reaching $505-515/mt CFR. In the meantime, Turkish mills are mainly quoting HRC at $530/mt CFR for Egypt for shipments in November. However, $5-10/mt lower agreements might be acceptable for the sellers, taking into account overall slack exports from Turkey.
Egypt’s Ezz Steel is in the market to export HRC for October-November production at $500/mt FOB. Offers to Saudi Arabia are reported at $520/mt CFR. In the local market producer’s offers are at $560-570/mt ex-works, the local demand is moderate. But the deals are mainly reported at $550/mt ex-works on the average, SteelOrbis has learned.
