9,097.15 TL BIST 100 BIST 100
31.30 $ USD USD
€33.84 EUR EUR
45.26 TL Interest Interest
83.55 $ Fossil Oil Fossil Oil
23.12 $ Silver Silver
3.85 $ Copper Copper
113.89 $ Iron Ore Iron Ore
392.00 $ Ship Dismantling Ship Dismantling
2,100.60 TL Gold (gr) Gold (gr)

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.


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Suez Steel company cuts rebar prices, boosting construction sector prospects

Saturday, March 2, 2024

Global steel sheet markets remain flat; Türkiye's spot market recorded a decrease

Wednesday, February 28, 2024

US steel imports up by 21.7% m-o-m in January 2024

Thursday, February 29, 2024

Vietnam's steel exports and imports increased

Friday, March 1, 2024

Hot rolled coil prices drop in Vietnam

Friday, March 1, 2024
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now