CAIRO: Ahmed el-Zeiny, head of the Building Material Division at the Cairo Chamber of Commerce, announced on Wednesday that the price of cement has made a tangible decline of 50 EGP per ton, reducing its worth to 780 in mid-April, the Al Mal business newspaper reported.
Zeiny attributed the steep decline in cement prices to a decline in demand, due to the availability of large quantities of imported Turkish cement.
In the last month Egypt has imported about 50,000 tons of Turkish cement at 680 EGP per ton, he told Al Mal.
Farouk Mustafa, the managing director of Misr Beni Suef Cement Company, said cement companies have been increasing cement prices to compensate for losses due to a large decline in production capacity because of the lack of oil supply directed to cement factories, Al Borsa stated.
In order to overcome the current crisis in cement prices, the Ministry of Industry, Trade, and Investment allowed the import of large quantities of Turkish cement to control local prices, which should begin to decline gradually by the beginning of May, Al Raii reported.
The Cabinet ratified last April the use of coal in the cement industry in accordance with international environmental standards in order to control prices and to overcome the lack of oil quantities, it reported.