Hot rolled coil (HRC) suppliers in the Egyptian market are trying to increase their prices, following the cautious uptrend seen in the Mediterranean region. However, buyers are yet to react.
Egypt’s Ezz Steel is testing $420/mt FOB for December rolling of HRC for exports, while last week the producer’s offers to southern Europe were at $410-415/mt FOB. Negotiations with Saudi Arabia are also underway, with the latest deals closed for around 6,000 mt at $460/mt CFR effective, SteelOrbis has learned.It is worth mentioning that last week ex-Egypt offers to Turkey's Iskenderun region were reported at $420/mt CFR.
In the import segment, the indicative offers from Turkey are not lower than $425-430/mt CFR, while earlier this month it was possible to book at $415-420/mt CFR. Russian mills are likely to increase their offers for December production by $10/mt, while recently negotiations were held at $405-410/mt CFR in their offers, versus $390-395/mt CFR in bids.
The upward mood is generally attributed to the positive uptrend in the Turkish scrap market, with mills being largely sold out until the end of the year. In addition, HRC sellers from Asia remain focused on sales to the Far East and are largely inactive in the Mediterranean. Offers to Egypt are rare and are standing at $420/mt CFR from India, sources report.
