El-Zeiny expects further consumer steel price hikes in November
Ahmed El-Zeiny, Head of the Building Materials Division at Cairo Chamber of Commerce, is expecting November consumer steel prices to increase within a range of EGP300/tonne to EGP500/tonne to cross EGP8000/tonne levels. El Zeiny attributed the hike to EGP to USD exchange rate in the parallel market. Samir Noman, Head of Sales at Ezz Steel [ESRS.CA], noted that the company is currently studying its second move to hike consumer steel prices starting November, 2016. (Al Borsa) Ezz Steel: EGP6.70 as of 27 October 2016, Rating: Buy, FV: EGP12.00 per share, MCap: USD410mn, ESRS EY / ESRS.CA
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