Ezz steel increases consumer steel prices to EGP8,850/tonne
Ezz Steel [ESRS.CA] has increased consumer steel prices by EGP880/tonne to reach EGP8,850/tonne, according to Al Borsa. Samir Noman, Head of Sales at Ezz Steel, attributed the price increase to the hike in billet prices by USD30/tonne and the surge in EGP to USD exchange rate in the parallel market. The news source added that Solb Misr Group had also increased its consumer steel price by EGP750/tonne to reach EGP8,500/tonne. (Al Borsa) Ezz Steel: EGP6.98 as of 31 October 2016, Rating: Buy, FV: EGP12.00 per share, MCap: USD427mn, ESRS EY / ESRS.CA
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