Three-month non-deliverable forwards on the EGP slipped to EGP 22.90 against the USD on Monday, down from EGP 24.00.

Local rebar prices are expected to stabilize till the end of the year despite the recent declines in iron ore prices.

Oil prices plummeted more than 3% this week as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.

Diesel and Fuel oil have been trading at a premium since last week due to the European ban on Russian imports. Diesel-HSFO spreads averaged USD764/ton. (CCAP)

KIMA reached a preliminary agreement with Technimont to settle disputes about Kima 2. Technimont is expected to execute Kima’s nitric acid project.

Local media reported that Saybad decided to withdraw from the acquisition offer for PACH. 

Telecom Egypt signed an agreement with “Lumen” to provide internet services to telecom companies in Egypt, Middle East, Africa, and Asia using Telecom Egypt’s network.

JUFO signed a deal with Karm Solar to provide a solar power station with an investment cost of EGP130 mn for their farm. 

Multiple poultry producers are facing the possibility of shutting down amidst the rally in feed prices and its shortage. 

Ministry of Agriculture is targeting production of 150 tons of soybean locally, especially with the rise in its global prices to reach above EGP17k per ton.

Weekly Commodities Update |           

Brent, USD/bbl            92.5     -4.7%

Diesel-HSFO Spread, USD/ton          764.5   -4.4%

Egypt Urea, USD/ton  760.0   0.0%

Polyethylene, USD/ton           1,160.0            0.9%

Polypropylene, USD/ton         1,015.0            0.0%

Steel/Iron Ore Spreads, USD/ton       488.9   -1.0%

Aluminum Cash Price, USD/ton         2,306.0            2.0%

Egyptian Retail Cement, EGP/ton      1,443.0            -0.2%

Steam Coal FOB Newcastle Australia, USD/ton            392.5   1.6%

SMP, USD/MT            3,497.0            -1.4%