CCC: Egypt imported 100,000T of steel with $70m in 2 months

Egypt imported 100,000 tonnes of steel in August and September 2016 with total cost estimated at around 620 million Egyptian pounds (US$69.8 million).

Head of  Building Materials Division at Cairo Chamber of Commerce (CCC), Ahmed Alzainy told Amwal Al Ghad Monday that Egypt’s imports of steel in August and September 2016 dropped by 50 percent in comparison to the same period of 2015.

This decline was due to the hike in dollar prices within the last period in addition to the decisions of trade ministry notably those related to registering importing firms, the official clarified.

On other side, Alzainy noted that cement prices in last September rose by 50-100 Egyptian pounds due to the application of the Value-added Tax law (VAT).

Moreover, the official asserted that prices of building materials are currently uncontrollable since the price cost of the products and goods soars due to the hike in dollar prices.