Egypt's Ezz Steel reduces November prices by LE300 per ton

Ahram Online, Tuesday 25 Oct 2011

Country's major steel producer cuts price by 6 per cent as global economic turmoil continues to take its toll on commodities

Egypt's Ezz Steel has announced a reduction of LE300 per tonne in its November selling price, bringing steel down to LE 4,500 per tonne (US$750).

According to statistics from investment bank Beltone Financial, this 6 per cent drop in prices is less than the 8-11 per cent that similar materials have witnessed over the last two months, as the global economic turmoil takes its toll on commodities.
Global prices for billet dropped to $645 per tonne in November against $700 in October, according to a monthly report from Egypt's Metallurgical Industries Chamber.
Turkish rebar is currently estimated at $690 per tonne, and importing it would result in a local market price close to that announced by Ezz Steel, notes Beltone.
Neither Ezz Steel nor its subsidiary Ezz Dekheila have announced consolidated financial results for any period in 2011.
In September, Dekheila reported a 6.5 per cent rise in net profits for the first half of 2011 to LE554 million ($92.3 million). This compared to net profits of LE520 million for the same period in 2010. Full audited figures, however, have not been released.
The stock exchange suspended trading in Ezz Dekheila shares early on Monday. Trade will resume when the company fulfils its pledge to present full financial statements as per a 5 October decision, the Bourse said.
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