Since the beginning of this year, the price of Egyptian cement has risen by 500 Egyptian pounds per ton, and the purchase price of consumers has reached 3500 Egyptian pounds (equivalent to 503 yuan per ton), compared with 3000 Egyptian pounds at the end of December last year. Ahmed Zaini, chairman of the building materials branch of the Egyptian Business Federation, said the price increase was due to companies reducing production to maximize profits, reducing supply and increasing prices, while continuing to export, further exacerbating the crisis in the local market. Cement production companies continue to cut capacity to boost profits, a strategy that has led to reduced supply in the market and rising prices. Zaini pointed out that the cement plant has not adjusted its production strategy recently, and export orders have increased significantly, especially from Libya and Syria, which may further tighten the supply of the local market. Unlike cement, steel prices have remained stable since six months ago,
Mr Zaini noted, because steel companies have not cut production as cement companies have.
Moreover, Zaini mentioned that the market is at a standstill at the moment, but he expects that demand may improve slightly after Eid as real estate development companies resume work. At the same time, the reconstruction of Gaza may also provide some support to industry activities.
Currently, consumers buy steel at prices ranging from EGP 36000 to EGP 39000 per ton, while cement prices range from EGP 3,500 to EGP 3,600 per ton.
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