In the Saudi Arabian flat steel market, where prices have increased in previous weeks in line with the rising trend observed in international markets, local steelmaker Hadeed is expected to raise its flat steel prices for February production. As SteelOrbis has previously reported, Hadeed's flat steel prices for its January production were at $740/mt for hot rolled coils (HRC), at $820/mt for cold rolled coils (CRC) and at $910/mt for hot dip galvanized (HDG) coils. Meanwhile, the Saudi Arabian flat steel market saw an increase of SAR 150-200/mt ($40-53/mt) in HDG prices last week.
Egyptian steelmaker EZDK had maintained its December production HRC prices at November levels. After keeping HRC prices at EGP 3,750/mt ($646/mt) as per its price list dated December 1, EZDK is expected to raise its HRC prices in January. It is also anticipated that EZDK will announce its new export offers in January.
In Iran, recent flat steel price increases are foreseen to continue in 2011. SteelOrbis has learned from market sources that Iranian flat steel producer Mobarakeh Steel will hold an export tender for its January flat steel production. Mobarakeh Steel is reported to be expecting a price level of $660/mt FOB for its hot rolled coils (HRC).
As it tries to catch up with price hikes in the international markets, the Middle Eastern flat steel market is expected to pick up speed with the arrival of the New Year.