Egypt’s Energy Crisis Causes A 25% Increase In Cement Prices In 2 Days

The Energy crisis have caused the cement prices to hit record prices, traders told “Alarabiya.net”, that most of the Cement companies stopped putting products in the local market due to the energy crisis that halted most of the plants from continuing production.

the traders added that Since Hazem el Beblawi’s governemnt resignition the producers do not pump sufficient quantaties of cement in the market which caused the prices to surge from around LE 580 per ton last sunday to LE 720 in today’s trades, by a 25% in only 2 days.

according to Alarabiya.net, Mohamed alsaedy, cement and construction material trader, said that the current cement quantaties are weak and does not supply the current levels of demand so the big traders manipulated the prices which caused the price surge in a few hours.

he added that the companies claim that not suppling the current market demand is due to the energy crisis and not having enough gas to operate the plants which halted the production lines and decresed the quantaties offered in the market until its nearly dissappeared from the market.

the ministry of Petrolum announced that the power station gas consumption increased due to the current fuel shortage which affected the factories consumption specially the cement plants which caused the current record prices.

Source: Ahram&Alarabiya