CAIRO: The local cement price has declined three times in two months, totaling a 150 EGP ($19) reduction in its price as a result of increased supply and low demand in the market, Youm7 reported.
A ton of cement now costs 550 EGP, down from 700 EGP at the beginning of August, the construction materials division of Cairo Chamber of Commerce Ahmed al-Zeiny told Youm7 Sunday.
Zeiny attributed the decline to the lack of construction activities this month due to holidays such as al-Adha feast.
He also cited the dollar shortage triggered by the Central Bank’s policy to prioritize strategic commodities that do not include cement; thus businesses have stopped importing cement for five months.
Additional reporting by Samah Labib.