Egypt prices decline on slower construction activity

Egyptian prices have declined three times in the past two months as a result of increased supply and low demand in the market, local media have reported.

A ton of cement now costs EGP550 (US$70), down from EGP700 (US$89) 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 prioritise strategic commodities that do not include cement; thus businesses have stopped importing cement for five months.