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Ezz Steel increases prices by EGP 1,000 per ton

Ezz Steel increased the price of finished steel products by EGP 1,000/t to EGP 13,654/t (including VAT).

Ezz Steel increases prices by EGP 1,000 per ton

Ezz Steel increased the price of finished steel products by EGP 1,000/t to EGP 13,654/t (including VAT). Cumulatively, the price increase has been 35% since November 19th.

Naeem Research sees the move very much in line with last week's signs of impending hikes, as iron ore prices continue to rise to their highest level in 10 years.

Recent trends suggest that iron ore from Australia (62% fe) to China is up 97 percent year-on-year (YTD) to $175/ton. Due to the sudden shift in the cost curve, there are limited options available to local producers (including freight and billet importers).

Naeem Research added that the impacts on raw material costs for imported iron ore are likely to be higher, as Ezz Steel uses a higher grade ore (67% fe).

“We reiterate our view that price increases at higher price points are a positive development for Ezz Steel and its subsidiary Al Ezz Dekheila Steel - Alexandria, as profitability for EGP is accelerating at higher levels,” the organization said. .

Ezz Steel's consolidated financial statements showed a net loss of EGP 4.11 billion in the first nine months of 2020 (9M), including minority shareholders' rights, falling 4.8 percent from EGP 4,321 billion reported last year.

The company's net sales fell to EGP 26.45 billion in the January-September 2020 period, compared to EGP 35.25 billion in the same period of the previous year.

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