Pre-Trading Thoughts

Egypt urea index was up 9% w/w to USD900/ton (ABUK, MFPC, EKHO) Caustic Soda Prices climbed to four years high, recording USD752/ton (MICH) Steel/Iron Ore spreads are at the USD445 mark, rising by 1% WoW EGAL released 1Q21-22 bottom line recorded EGP305 million up from EGP151 million of losses in 1Q20-21 but down by 39% QoQ; Lower than our expectations; EGAL is currently trading at annualized P/E of 8.6x; EGAL raised prices by EGP2,300/tonne (c.+4%) We update our valuation for SPMD with a FV ...