Egypt denies reports of sugar supply disruption or price hikes

Egypt’s Sugar and Integrated Industries Company said that reports claiming sugar producers had halted supplies to packing companies and distributors or imposed sharp price increases are false, according to a statement issued by the Ministry of Supply and Internal Trade on Wednesday.

The state-owned company, which is affiliated with the Holding Company for Food Industries, said production and supply operations are running normally at all of its factories, ensuring steady availability of sugar in the domestic market.

Salah Fathy, the company’s managing director and chief executive, said sugar prices have not risen in the current period, with factory gate prices holding between 22,000 and 23,000 Egyptian pounds per ton under existing pricing mechanisms, with no new increases approved.

Fathy said there was no justification for raising prices, citing the availability of large strategic reserves, the start of the sugarcane supply season and the continued flow of production from the new season, factors he said support market stability.

The company urged media outlets and social media users to verify information and rely on official statements from relevant authorities to avoid spreading inaccurate reports that could disrupt the market.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser