Egypt’s biggest producer Ezz Steel has not yet announced its hot rolled coil price for August bookings, but traders expect about an LE 50/ton ($8.7/t) price increase. Steel Business Briefing is informed by traders that the market will not accept a higher increase, while some even think that the price should be kept the same.
Ezz’s HRC price for July was LE 3,750/t ($653/t) ex-works, without 10 percent sales tax. The company will announce its new price on August 1, Sunday.
Import offers for HRC are at $610-650/t cfr Egypt. Market players say demand is not very slow nor high, but they expect the market to improve towards the end of summer, as the stocks are low. –Steel Business Briefing
