Exaggerated Price Of Cement Led To Recession: Construction Materials Division
The volume of cement and construction materials purchase and sale transactions retreated in the last period as the markets of real estate investment and construction have witnessed recession as a result of the deteriorated economic situation.
Ahmed El Zeiny, director of the Construction Materials Division of the Federation of Egyptian Chambers of Commerce, told Amwal Al Ghad that the main reason behind the recession is the high cement prices offered by the foreign companies in Egypt. These prices are not suitable to the bad economic situation in the country. The price of cement reaches US$ 90 per ton in Egypt, although it ranges from US$ 50 to US$ 55 per ton in the international market with an increase of about 80%.
El Zeiny expected that there will be no further increases in the prices of construction materials in the upcoming period due to the low demand as many of the construction projects were stopped.
