Ezz Steel increases consumer steel prices to EGP7,670/tonne
Ezz Steel [ESRS.CA] has announced that steel prices would increase by EGP730/tonne to reach a consumer price level of EGP7,670/tonne; this move was also part of a general price increase among other steel producers in Egypt. Ezz Steel's Sales Director noted that the increase in steel prices is driven by the i) USD30/tonne increase in the international price of billets; and ii) increase in the EGP to USD exchange rate on the parallel market. (Al Borsa) Ezz Steel: EGP6.63 as of 18 October 2016, Rating: Buy, FV: EGP12.00 per share, MCap: USD406mn, ESRS EY / ESRS.CA
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