North African HRC market remains sluggish

Early this month, Egyptian flat steel producer EZDK had announced its domestic hot rolled coil (HRC) price at EGP 4,450/mt ($746/mt) ex-works, excluding 10 percent tax. While the producer is expected to announce its new HRC price for December rolling in the coming days, the new prices are predicted to be lower as compared to actual prices. It has been learned that EZDK is requesting firm bids for its HRC export offers and that it is only giving prices in response to precise firm offers from buyers. The latest HRC export offers from EZDK were standing at $700/mt FOB. A price cut is also anticipated for EZDK's HRC export offers.
 
In the Tunisian flat steel market, demand is significantly low and buyers are delaying their flat steel bookings, as they already have high inventories. Ex-Russia and Ukraine HRC offers to Tunisia at $670-720/mt CFR are above Tunisian buyers' price expectations. In previous months, Tunisian buyers had concluded some transactions from Europe at reasonable prices. It is learned that materials from these bookings are still available in the market. Market sources state that orders from the Tunisian market may accelerate in the coming weeks.